Outperform - Price 33 on Jan. 13 by First Global The Satyam Computers fiasco should help companies like Accenture gain market share in offshoring business. Growing Indian operations [will] become key drivers of revenues and margins ahead...[its] total debt [is] merely $1 million as of Q1FY09 (versus debt of $32 million in Q1FY07), while the company's cash and investments stood at almost $3.6 billion at the end of the quarter....Accenture's newly developed products and consulting business, which help clients reduce [information-technology] budgets and improve cost efficiency amid the slowdown, will also aid...margins....We expect ACN to record revenue of $23.2 billion, down 0.6% year-over-year, and [earnings per share] of $2.81, up 5.3% year-over-year, in FY09. Our operating-margin estimates for FY09 and FY10 stand at 13.3% and 13.4%, respectively. Market cap: $24.5 billion.

Buy - Price 88.01 on Jan. 13 by Collins Stewart Abbott (ABT)...intends to acquire Advanced Medical Optics (EYE) for $22 a share, cash. Alcon is now the only diversified, global ophthalmology company that is publicly traded. ABT's acquisition of EYE gives us more confidence that Novartis (NVS) will exercise its call option to acquire ACL, [since] ophthalmology assets are becoming more scarce, and ophthalmology is clearly an area where large-cap pharma sees long-term growth opportunities. We have a 96 target. Market cap: $26.4 billion.

Buy - Price 4.99 on Jan. 13 by Roth Capital Partners Ciber is a pure-play system-integration consultancy that serves private- and government-sector clients. CBR [has] closed the Iteamic acquisition, which strengthens its offshore-delivery capability....We view the closing of the deal...as a sign that CBR's financial position, including its $200 million revolving credit facility with Wells Fargo, remains healthy. Maintaining Buy rating but lowering estimates and price target to $8 from $9, due to unfavorable [foreign-exchange rates] and deteriorating macroenvironment. Our valuation is based on a discounted cash flow that assumes the following over a 10-year period: a 2.6% compounded annual revenue growth rate; improvement in pretax margins to 6% from 4% in 2008; and a 10.4% discount rate. We have reduced our '09 revenue and EPS estimates to $1.14 billion and 52 cents from $1.21 billion and 57 cents. The downward revision is driven by the free fall in the British pound and, to a lesser extent, the euro, which are down 17.5% and 7.3% from the end of Q3. Market cap: $300 million.

Outperform - Price 26.47 on Jan. 13 by Barrington Research Associates Copart provides remarketing services to process and sell [used] vehicles over the Internet through worldwide auction-style sales. It sells principally to licensed vehicle dismantlers....Our new projections call for a flat year for FY09 EPS at $1.75 increasing to $1.96 in FY10. During fourth-quarter 2008, wholesale used-vehicle prices declined on average by 9.54%....[However,] CPRT should generate solid excess cash flow over the next two years, at $137 million and $208 million, or $1.60 and $2.44 a share, respectively. And the stock sells at a discount to private-market valuation. We maintain our Outperform and 40 price target (51% upside). Market cap: $2.3 billion.

Hold - Price 31.04 on Jan. 13 by McAdams Wright Ragen We are lowering our earnings estimates for Expeditors to account for weakening trade conditions. Our Q408 estimate is now 33 cents, down from 37 cents. This implies full-year earnings of $1.35. The 2009 outlook is now $1.46, a reduction from $1.61. In our view, Expeditors is equipped to handle a transportation slowdown better than most peers, due to its variable cost structure, including a lack of capital-intensive assets. We would look to upgrade Expeditors shares on valuation if the stock traded into the mid-$20s. Market cap: $6.6 billion.

Hold - Price 11.76 on Jan. 14 by Sandler O'Neill FNB [an $8.5 billion financial holding company headquartered in Hermitage, Pa.] preannounced a 4Q loss in the range of 19 cents to 23 cents a share. We had estimated earnings of 26 cents per share in the quarter, in line with consensus. The loss is [due to] a large provision...primarily related to the Florida loan book ( less than 5% of total portfolio)....We are lowering our operating earnings estimate for 4Q to a loss of 10 cents per share. Our estimate does not include the $19 million in nonrecurring charges disclosed in [the recent] release. With those charges, we expect FNB to report a headline loss of 23 cents in the quarter....We are also reducing our full-year EPS 2009 estimate by 22 cents to 82 cents...we are also bulking up our loan-loss provision and charge-off estimates for 2009. As a result...we are lowering our target by $2 to $12....we anticipate a strong likelihood of a dividend cut in the near future. Market cap: $1.1 billion.

Neutral - Price 7.81 on Jan. 13 by Merriman Curhan Ford The Knot has begun launching Websites focused on geographical areas (newyorkcity.weddings.com), ethnicity (Chinese weddings), color themes, etc....With most of the...upgrades and WeddingChannel integration complete, management has indicated an appetite for...acquisitions. The Knot's got firepower -- $118 million cash on its balance sheet and an estimated $12 million in free cash flow [after capital expenditures and taxes] in 2009. Valuation appears attractive based on historical multiples and takeouts, but in line with peers....KNOT shares are trading at an [enterprise value]/Ebitda of 6.7 times (FY09E) -- low on an historical basis and well below the takeout multiple...[for] CBS's acquisition of CNET last year for $1.8 billion cash/22 times FY09E Ebitda. KNOT trades in line with peer online media companies, which average 6.4 times, in a range of 3 times to 12.7 times. Market cap: $225 million.

Strong Buy - Price 12.03 on Jan. 13 by Raymond James We expect 4Q08 operating and GAAP EPS to be at least 26 cents (up 18% from 4Q07). The Street [expects] 24 to 30 cents....Credit quality is expected to remain very strong as NYB benefits from net-interest-margin expansion of eight to 12 [basis points]....We expect multifamily and total loans to increase at annualized rates of 15% and 12%, respectively, versus 12% and 11% in 3Q08. Although nonperforming assets are expected to rise, they should end the quarter at only about 0.50% of total loans. We expect net charge-offs to remain below 0.10% of average loans, ranking the company among the best in the industry....NYB has a very secure 8.3% dividend yield; we estimate operating EPS growth at 7% in 2008 and 27% in 2009. NYB is a proven asset generator in the relatively low-risk, rent-controlled/stabilized multifamily arena....Our 20 target assumes ...shares trade around 16 times '09E-EPS...versus its three-year average forward price/earnings ratio of 16.5 times. NYB shares trade below book value per share of $12.41. Market cap: $4.1 billion.