3 Value stocks for DOW 12,000 (FRPT,SOLR,OMN)

As the unstoppable market makes a run at DOW 12,000, it's time to look at some stocks that are still undervalued. The Winners? Force Protection, Inc. (NASDAQ:FRPT), GT Solar International, Inc. (NASDAQ:SOLR), and OMNOVA Solutions Inc. (NYSE:OMN).

Force Protection, Inc. (NASDAQ:FRPT)

Let's face it, the war in Afghanistan isn't ending any time soon. That's why you need to add FRPT to your portfolio. Their vehicle platforms comprises The Buffalo, a mine protected clearance vehicle; and The Cougar, a family of medium-sized blast and ballistic-protected vehicles, including The Cougar Mastiff, a 6-wheeled vehicle, and The Cougar Ridgback, 4-wheeled vehicle; and The Cheetah, a lighter weight 4-wheeled vehicle. The company also develops armor kits and additional products to protect against rocket-propelled grenades, and under body armor kits to mitigate blast effects on other military vehicles.

With a P/E of 15.02 and Forward P/E of 11.96, the company is profitable and will remain profitable for years to come.

GT Solar International, Inc. (NASDAQ:SOLR)

Solar stocks are once again becoming a favorite of Wall Street. But stay away from the likes of Evergreen Solar (ESLR). No, look to GT Solar. Last month Credit Suisse analysts said they expect global demand to improve this year, particularly in Japan, the United States and Europe.

In a note published Friday, the analysts said the industry's first-quarter production rate has exceeded the prior demand estimate. In addition, new capacity will be operational in the second half of the year.

However, Credit Suisse raised its 2010 forecast for global sell-in solar demand to 12.7 gigawatts from 10 gigawatts. The consensus estimate is about 8 gigawatts to 9 gigawatts.

The rating on GT Solar International Inc., based in Merrimack, N.H., was raised to "outperform" from "neutral," and its 12-month price target increased to $7.50 a share from $6 a share.

OMNOVA Solutions Inc. (NYSE:OMN)

Chemical stocks are hot right now, which is why your portfolio could benefit by adding shares of OMNOVA (OMN). Last quarter the company posted net income of $0.17 per diluted share, for the first quarter, compared to a net loss of $0.1 million, or breakeven per diluted share, for the first quarter of 2009.

Net sales increased 14.8% to $183.9 million for the first quarter of 2010. The company started raising prices at the start of April, look for them to have a blowout Q2.