Buy - Price 27.23 on Oct. 20 by Janney Capital Markets Despite a $2.54-per-share restructuring charge, book value per share actually increased this quarter, to 23.50/share, versus June's 22.68, and 22.03 at the end of the first quarter. We base our 33-a-share fair value on projected book value, and apply a 1.3 times multiple to this valuation, in line with current trading levels. Based on the current dividend reduction and assuming organic growth equal to our next 12 months' earnings-per-share estimates of $2.26, BK is on pace to increase book value per share by $1.90 over the next 12 months. We view a 1.2-times-to-1.5-times book-value multiple to be reasonable. Market cap: $32.8 billion.

Buy - Price 33.60 on Oct. 20 by Wall Street Strategies We're reiterating our Buy and [raising] our target to 42 on [high-end leather-goods purveyor] Coach after it posted earnings last Tuesday morning. The upwardly revised target price for the stock -- which assumes 23% appreciation within the framework of our rating methodology -- results from hikes to our fiscal-year 2010 and FY11 EPS assumptions. Presently, the stock commands a multiple to our revised FY10 EPS estimate, $2.10, of 16.2 times, [but has]...historically traded well north of a 25 times multiple. Coach's flexible supply chain and existing overcapacity overseas is yielding sourcing costs that are 8% lower versus FY09. Market cap: $10.6 billion.

Market Perform/Aggressive - Price 14.06 on Oct. 20 by Barrington Research Gannett topped expectations for the quarter, which were laid out very recently in conjunction with the $500 million debt offering. While advertising pressures clearly continue to exist, and a 28% decline in newspaper-ad revenues is not a great situation, the pace of decline for the quarter reflects a decelerating rate of decline from the previous quarters in 2009. This percentage would have been less severe had currency adjustments not added to the pressures. GAAP [generally accepted accounting principles] EPS for the quarter of 31 cents compared with our 25-cent estimate and 25-cent to-31-cent guidance....We expect some of these favorable trends [to] persist into the fourth quarter, and are nudging our estimate for Q409-EPS to 50 cents from 45 cents, and full-year E-EPS to $1.65 from $1.55. We are also now using $1.65 for both 2010 and 2011 (previously $1.60 and $1.55, respectively). Market cap: $3.3 billion.

Sell - Price 15.84 on Oct. 19 by Singular Research GECS' [General Electric Capital Services'] earnings are down 94%; nonearning assets continue to grow, pointing to higher losses in future quarters; industrial-order trends remain flat; total revenues declined 20%, below our forecast of 10%. Operating profit of $1.97 billion was below our estimate of $2.94 billion, due to worse-than-expected performance from GECS. The loan portfolio continues to decline, but nonearning assets and allowance for losses continues to increase. GE Industrial revenues were down 13%. Orders of $18.4 billion were down 18% y/o/y and approximately flat sequentially. EPS declined 49.4% to 23 cents, below our estimate of 24 cents. GE reported a net tax benefit of $484 million or 5 cents per share. The consensus estimate was 22 cents. GECS revenues were down 31%, to $12.7 billion, and down 5% sequentially. GECS reported an operating loss of $1 billion, down from $333 million in Q209 and a profit of $1.6 billion in Q308. A tax benefit of $1.14 billion led to income from continuing operations of $133 million for GECS. GECS earnings from continuing operations were down 93.8% to 1 cent; GAAP EPS of 2 cents was off 91.2%. Real-estate assets contributed a loss of $538 million, more than twice that of $237 million in Q209. Total GECS nonearning assets increased to 3.93% of total, up from 2.79% in Q109. Asset quality continues to deteriorate. We're lowering our revenue forecast for Q409 due to the weaker-than-expected revenue trends. Our 2009E-EPS estimate declines to $1.02 from $1.05, due to the weaker than expected Q309 and our lower revenue expectations. We expect provision for loan losses to remain high, and we do not expect to see improvement here until second-half '10. We're decreasing our '10 EPS estimate to $1.01 from $1.13. We're increasing our price target...to 10, from 9.50, based on a 10 times multiple to our '10 EPS estimate. Market cap: $123 billion.

Buy - Price 31 on Oct. 20 by Soleil Securities Equity After the market close last Tuesday, Holly announced that it sold crude-oil-storage and other midstream assets to Plains All American Pipeline (PAA) for $40 million in cash. These assets were acquired when Holly purchased the Tulsa, Okla., refinery from Sunoco (SUN) in June -- and, coupled with an earlier Tulsa midstream-asset sale for $17.5 million, Holly has essentially recouped almost all of the $65-million purchase price of the Tulsa refinery via asset sales. Market cap: $1.6 billion.

Outperform - Price 23.81 on Oct. 20 by Raymond James Global Research Sprint (S) and iPCS have announced an agreement for Sprint to acquire iPCS for $24 a share in cash, plus the assumption of $405 million in net debt for a total EV of approximately $831 million. The transaction value [was reported to be] 6.4 times projected 2010 adjusted Ebitda [earnings before interest, taxes, depreciation and amortization]....Sprint expects to achieve approximately $30 million in annual synergies and for the transaction to be accretive to FCF in 2010. The transaction is anticipated to close in late 4Q09 or early 2010. Regulatory approvals should proceed [apace, as iPCS operates] as a Sprint affiliate....This transaction will leave just one publicly traded Sprint affiliate, Shenandoah (SHEN), and one company, NTelos (NTLS), that with its exclusive roaming agreement acts like a Sprint affiliate in parts of Virginia and West Virginia. Both Sprint and iPCS will seek an immediate stay of all pending litigation between the two parties, with a final resolution to become effective upon the closing of the acquisition. This will remove a road block from the closing of Sprint's acquisition of Virgin Mobile, and will also remove a potential obstacle from Clearwire 's (CLWR) 4G [fourth-generation] build-out. Sprint will no longer be required to divest its IDEN network that overlaps iPCS territories. Market cap: $410 million.

Underperform - Price 17.95 on Oct. 20 by Pacific Crest We believe Logitech's pricing power and growth potential are impaired, which should drive a trailing P/E multiple that is at the low end of its historical range of 15 times to 25 times [for this holding company with subsidiaries that design, manufacture and market a broad range of computer-control devices, including mice, trackballs and touchpads]; 15 times our F2011 EPS estimate of 82 cents suggests an 18-month fair value of 12.30. Market cap: $3.3 billion.

Market Perform/Speculative - Price 40.24 on Oct. 20 by Morgan Keegan Equity Research Open Text is in the enterprise-content-management business. With its recent acquisition of Vignette, OTEX has close to 18% market share, second only to International Business Machines (IBM). Open Text is the largest pure-play content-management vendor. Open Text has made a number of acquisitions over the past few years to bolster its technology platform....For the September quarter, we're looking for EPS of 63 cents, on revenue of $214 million, ahead of consensus estimates of 58 cents and $210 million. We would note that there's a wide range of Street estimates, where we skew to the high end for both EPS and revenue. We believe currency will provide a revenue tailwind and an operating-expense headwind....OTEX shares now trade at a 12.1 times enterprise value/free-cash-flow multiple, below the average of similar vendors trading at a 13.5 times average. We are growing increasingly positive on the name, and would probably start building long-term positions on weakness. We believe fair value is in the 45 to 46 range. Market cap: $2.3 billion.