(MONEY Magazine) – Most investors expected last year's frenzied takeover activity -- deals totaling more than $164 billion -- to die down after the October crash. Instead, the value of acquisitions is running 50% ahead of 1987's pace. In the first three months of 1988, would-be acquirers announced deals worth an estimated $95 billion. And analysts believe that activity will continue to heat up. Reason: no matter which party wins the presidency in November, the new Administration is expected to interpret antitrust legislation more narrowly than have the laissez-faire Reaganites. As a result, potential acquirers will be racing to finish up before year-end. The major players have also changed in 1988's takeover game. ''These are real corporate buyers looking for a place to invest their cash, not takeover artists who are in it for greenmail,'' says money manager Neil Eigen, senior vice president of Integrated Resources Asset Management in New York City. This means that more deals are likely to reach completion. To put together a list of potential targets, MONEY polled eight analysts and portfolio managers and compiled more than 100 nominations as well as estimates of the target prices the companies might bring if acquired. We then narrowed the list by picking the 10 issues traded on the New York Stock Exchange that looked like the best bargains even without takeovers. Among the criteria we considered were price/earnings ratios below the multiple for Standard & Poor's 500-stock index -- currently 15.2 times 1987 earnings -- and price/cash-flow ratios below the recent market multiple of 14.4. Here are the top 10 stocks and the analysts' explanations of their appeal for potential acquirers: Avon Products. The company's direct sales force would be a strong attraction for a foreign consumer products company trying to get a foothold in the U.S. Avon also pays an 8% yield. Ball Corp. This maker of glass bottles and metal cans has valuable long-term contracts with Anheuser Busch, the largest beer company in the world. Since Ball family members control more than half the stock, says Walter Grossman, a money manager in New York City, any deal would have to be friendly. Caesars World. Owning major casinos in Las Vegas, Lake Tahoe and Atlantic City, Caesars is a natural acquisition candidate because it is selling for a lower price, relative to the value of its properties, than other casino companies. Management fought off raider Martin Sosnoff in 1987, but Eigen of Integrated Resources believes that Caesars could attract another suitor. Campbell Soup. The well-known brand names that the company owns -- Swanson's frozen dinners and Mrs. Paul's fish products as well as soups -- would be a valuable asset for any consumer goods company seeking strong franchises. Centel. Raiders Asher B. Edelman and George L. Lindemann have accumulated more than 5% of Centel's shares. But despite a recent run-up in price, the stock is still selling for 30% less than the value of its cable-television and cellular-telephone businesses, according to Eigen's calculation. Corning Glass. The company's specialized glass-container line could be attractive to a company looking for a business that dominates its market. Jamesway. With 113 discount stores in northeastern and Middle Atlantic states, Jamesway could be snapped up by a big retailer eager to expand into those regions. Phillips Petroleum. Selling for less than 80% of the value of its assets, Phillips would be appealing for any oil company seeking reserves, says Joanne Legomsky, oil analyst at Standard & Poor's. Analysts have speculated recently that Pennzoil might use its $3 billion settlement from Texaco to make such an acquisition. Rohm & Haas. Projected double-digit annual earnings gains over the next five years would make this specialty chemicals producer attractive as a growth stock. Since 39% of its sales are overseas, the company's appeal would be further enhanced by any weakening of the dollar. Tultex. With a 20%-plus annual earnings growth rate, this leading producer of jogging suits and women's knit sportswear could be a target for a larger apparel company, says analyst Edward Johnson of the Johnson Redbook service in New York City.

CHART: Takeover targets

Price/ Price/ Recent earnings cash-flow Target price ratio ratio price COMPANY

Avon Products $25 10.4 6.3 $35 ^ Ball Corp. 33 11.8 6.4 45 Caesars World 24 13.0 4.6 40 Campbell Soup 28 13.3 8.6 38 Centel 48 15.0 6.1 70 Corning Glass 54 13.9 7.6 70 Jamesway 11 13.8 6.7 15 Phillips Petroleum 17 NM* 4.2 26 Rohm & Haas 34 11.9 7.5 50 Tultex 11 10.5 7.9 20

* Not meaningful. Price/earnings and price/cash-flow ratios are based on 1987 results. CREDIT: BARTON E. STABLER CAPTION: NO CAPTION DESCRIPTION: See above. Color illustration of shooting-gallery ducks.