Shares of SLM Corp. (NYSE: SLM) are soaring this morning, reaping the benefits of a favorable report in Barron’s over the weekend, citing that the stock looks expensive, given future earnings prospects.

Sallie Mae shares are up 7.13 percent as of 10:55 a.m. (EDT).

The student lender, Barron’s said “is a real beauty, but few investors are giving her a second look” and that it is “a complex, one-of-a-kind financial company, with an attractive business mix that involves holding, originating and servicing student loans.”

Barron’s noted that SLM shares (at around $12 prior to Monday trading) are trading at less than seven times projected 2010 profit of $1.80 a share, and 7.7 times estimated 2011 profit of $1.56 a share.

Barron’s also suggested that Sallie could become a potential buyout target.

SLM shares have meandered between about $14 and $10 all year.

Nyse