Serial dividend raisers, such as the Dividend Aristocrats, are beloved by income hunters. Remember: A steady payout is only half of the formula for successful income investing. The big returns come over time, from regular dividend increases, which lift the yield an investor receives on his or her original cost basis.

But while these dividend-hiking stalwarts usually aren't known for their hot growth prospects, a few are indeed poised to outperform in 2020.

To find price upside among dependable dividend stocks, we started with the Dividend Aristocrats. For the uninitiated, the Aristocrats are an index of 57 S&P 500 companies currently that have raised their payouts annually for at least 25 years.

Next, we calculated the implied upside for all 57 Aristocrats based on analysts' average price targets. A price target is the level at which analysts forecast a stock will trade at some point in the future, typically 12 months out.

After running the numbers, we were left with 10 Dividend Aristocrats that offered projected upside of at least 10% in the year ahead. Add in the contributions from their dividends, and these primarily defensive stocks may deliver significant offense in 2020.

General Dynamics

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Generous military spending has helped fuel General Dynamics' (, $185.28) steady stream of cash returned to shareholders. One of its latest mega-deals came in August, when the Pentagon awarded General Dynamics subsidiary CSRA a