LTC is very risky. Once Bitcoin becomes useful besides speculation, it will become obvious that Litecoin is worthless. Wonder when that will happen though. Meanwhile enjoy the ride and don't forget to sell once you have a nice profit.
LTC is undervalued if you look at the market cap and XBT's current price. Main issue is lack of support at major exchanges, currently its dependent on certain chinese exchanges and mainly BTC-e. Once that changes the price will explode upwards to $200.
If you strongly believe in crypto, it is still early to invest in LTC, even if it corrects on the long run it won't matter that you bought it for $50