Underperform - Price 15.20 on Jan. 26 by Jefferies & Co. AXP reported 4Q08 earnings per share of 21 cents, versus [our] estimate of 12 cents and consensus 22 cents. On an adjusted basis, we calculate earnings [of] 10 cents a share. We maintain our fiscal-year '09 EPS of $1.20, and initiate FY2010 estimated EPS of $1.82. ...We believe our peak loss assumption of 9% in the card portfolio in 2009 remains valid. We have assigned a 9.2 times multiple to the card earnings, and a 13.4 times multiple for network earnings, or 11.7 times, all-in. Our 14 target is based on 11.7 times our FY09E-EPS of $1.20. Risks to our estimates include reduced consumer spending and further credit deterioration. Market cap: $17.6 billion.

Strong Buy - Price 18.37 on Jan. 27 by Raymond James 4Q08 operating EPS of 36 cents was in line with the Street. Results [showed] strong credit quality and net-interest-margin expansion, and were impacted by closing an acquisition for $575 million in deposits and $115 million in loans. While CBU continued [showing] strong operating results, we're lowering our '09 EPS estimate by 5 cents, to $1.55, to reflect more conservative credit-cost assumptions. Our 25 target assumes CBU trades around 15 times our '10 EPS estimate of $1.66, versus its three-year average price/earnings multiple of 15 times... .Highlights included: a 9% linked-quarter and 15.5% year-over-year increase in net interest income...[CBU also offered] superior credit quality with nonperforming assets at only 0.44% of total loans and net charge-offs of 0.31% of average loans. [There were] noncash goodwill impairment charges of $1.7 million and $1.4 million in expenses related to Citizens Financial [branch buys]. Market cap: $601 million.

Buy - Price 15.60 on Jan. 27 by Sterne Agee & Leach The biggest risk for RCII and the rent-to-own industry is rising unemployment...[plus] increasing regulatory risk to the pay-day loan industry and potentially the rent-to-own industry... .We reiterate our Buy on and maintain our 17 target, based on eight times our FY09 EPS estimate of $2.10. Market cap: $1.05 billion.

Hold - Price 14.26 on Jan. 27 by Deutsche Bank Equity Research 4Q results were in line, [but the packager faces] challenges... .Its liquidity/financing concerns are being addressed; it is finalizing $300 million senior notes due '14 to provide liquidity for Grace settlement; and 12% coupon[s were sold]. SEE has $600 million-plus in bank availability, and lower '09 capital-expenditure should help. Our 17 target values SEE on an enterprise value/earnings before interest, taxes, depreciation and amortization basis of 7.5 times our '09 Ebitda estimate. Market cap: $2.25 billion.

Underperform - Price 14.77 on Jan. 27 by Baird Securities 4Q revenue of $2.49 billion, down 26.5% sequentially, were at the upper end of a lowered guidance range of $2.3 billion to $2.5 billion... .Reported GAAP EPS were 8 cents. ...Gross margin was 44%... .Orders in 4Q08 were down 42% sequentially. The midpoint of 1Q09 GAAP EPS guidance of minus 11 cents to 3 cents is below our estimate of minus 3 cents and consensus 1 cent. Market cap: $19.8 billion.