Market Outperform - Price 29.34 on Jan. 8 by Avondale Partners [Las Vegas-based airline] Allegiant reported December traffic grew 42% on a 38% increase in capacity...as expected....With higher fuel prices, we are lowering our 4Q earnings estimate from a profit of 25 cents, to a profit of 9 cents [versus] 24 cents in the December quarter [last year]. Our new earnings estimate for '07 is $1.37, versus our prior $1.53 estimate. We continue to estimate earnings for 2008 at $2.21. Target: 50. Market-cap: $598 million.

Buy - Price 26.34 on Jan. 2 by Needham & Co. Our 32 target [is] based on 6 to 7 times our '09 revenue estimate of $300 million plus net cash of about $3 a share. End-user surveys indicate that data de-duplication is one of the top storage technologies gaining rapid adoption...DDUP has an early lead, with about 50% share, in a category estimated to reach $1 billion by '09. Its technology keys include global compression (20 times data reduction), invulnerability architecture and ease of integration into existing infrastructure....DDUP provides a compelling value proposition versus tape [and]... disk systems...Market cap: $1.8 billion.

Buy - Price 8.16 on Jan. 9 by Wedbush Morgan We believe December comps [at Fred's stores, many of which have pharmacies] were hurt by slower consumer spending, a shift to generics, softer flu season year-over-year [and]...weak sales of apparel, home; strength [was] in consumables, electronics, and pets...[and] inventories look to be in good shape. Our 12 target assumes FRED should trade around 15 times our fiscal-year '08 earnings-per-share estimate of 77 cents [or] 1 times our projected longer-term earnings growth rate of 15%, despite challenging environment. Market-cap: $340 million.

Buy - Price 2.76 on Jan. 8 by Maxim Group [Mining-firm] GFRE announced [another] asset purchase, which is expected to add approximately $9.4 million and $2.4 million to revenue and earnings, respectively....We reiterate $4 target/45% upside. We view GFRE shares as attractively valued relative to three-year revenue and earnings [compound annual-growth rates] of 20% and 25%, respectively. Our sum-of-the-parts-based target, 4, assumes the shares can trade up to 17 times '08 EPS...GFRE has a recent history of generating a low- to mid-30% free cash flow margin; at Sept. 30, 2007, it held $11.4 million cash. Market-cap: $280 million.

Market Perform - Price 64.50 on Jan. 8 by JMP Securities HWAY is the largest provider of integrated chronic-disease management [about 30% market share of U.S.' $2 billion industry] and wellness solutions to...120+ health plans and 25 million+ plan members...[We] believe management's bullish growth expectations are adequately contemplated in its current valuation. Guidance implies FY08 ramp that doesn't present compelling entry point for investors...Healthways trades at 13.6 times and 31.9 times our [calendar-year] '08 consolidated [earnings before interest, taxes, depreciation and amortization] estimates. Market-cap: $2.4 billion.

In-Line - Price 23.28 on Jan. 3 by Fox-Pitt Kelton Cochrane Regions...preannounce[d] 4Q07 results [due mainly to] credit costs...related to the $7.5 billion residential homebuilder portfolio. [It] disclosed a 4Q07 [loan-loss provision] of $360 million (versus our $120 million estimate). We are lowering our 4Q07E EPS to 34 cents from 60 cents and our 2007E EPS to $2.32 from $2.58; 2008 and 2009 EPS are under review. Market-cap: $16 billion.

Buy - Price 20.50 on Jan. 8 by McAdams Wright Ragen Chairman Howard Schultz has reassumed CEO responsibilities [replacing Jim Donald]...SBUX intends to slow its rate of U.S. store expansion, close underperforming stores and place greater emphasis on international operations...Our 34 [target] is based on 33 times our FY08 estimate; market-cap: $13.4 billion.

Sell - Price 17.09 on Jan. 3 by Howe Barnes Lowering our rating on [the Carrollton, Ga. bank-holding company] from Neutral...on valuation. The shares trade at 12.7 times our revised 2008E EPS...versus a peer-group median of 11.6 times...the premium is unwarranted [due to]...credit deterioration...further deterioration is possible, given WGNB's elevated exposure to land development and construction loans....Our 14 target implies total-return potential of negative 22.1%. Market-cap: $103.5 million.