Buy - Price 84.02 on Oct. 24 by Think Equity On the heels of another over-expectations quarter...our model suggests a stock price in the low $90s at year end and around $125 at YE 2008. Those two data points are, incidentally, equal enterprise values that are about 26-to-28 times following year's adjusted earnings before interest, taxes, depreciation and amortization.

Market Outperform - Price 174.36 on Oct. 22 by JMP Securities Apple reported stellar [fiscal-fourth quarter 2007] results -- revenue of $6 billion and earnings per share of $1.01 [versus] our estimates of revenue of $5.8 billion and EPS of 78 cents....We're raising our price target from 160 to 210, representing 20% upside. Our price target is based on 40 times our [calendar] '08 EPS estimate excluding stock-based compensation charges of $5.31.

Buy - Price 29.74 on Oct. 23 by Signal Hill High underwriting and investment leverage are key to BER's strength, but can be liabilities in falling[-rate scenario]. We view BER as significantly undervalued based on '08E [estimated] book value...BER surpassed earnings expectations through share-repurchases and reserve-development.We're lowering '08E operating EPS estimates to $3.65 from $3.75 [on] increased price softening.

Buy - Price 67.12 on Oct. 24 by Sandler O'Neill MER announced a 3Q07 loss of $2.85 a share, [versus a 50-cent loss] preannounced Oct. 5...Management noted that it re-examined its remaining [collateralized-debt obligation] positions...dramatic retroactive valuation changes [are] particularly concerning from risk-management standpoint....Our 12-month target is 95 [or] 2.2 times our 3Q08 book value estimate of 43 per share....The primary risk to target arises from the possibility that global economic growth may falter....We believe Merrill faces above-average regulatory risk due to its large retail- brokerage operations.

Hold - Price 41.16 on Oct. 22 by Deutsche Bank We're boosting our target price from 35 to 40 [on this timber real-estate investment trust], based on our increasing confidence that asset values are holding up well....Combined[share-]repurchase activity with 4.1% dividend yield, and return would look substantial even without a stock-price move.

Buy - Price 147.21 on Oct. 23 by Jesup & Lamont We believe current events in the Middle East, inherent leverage and competitive standing [of] PCP positions it to benefit disproportionately from commercial-aerospace recovery. We estimate fair value for PCP at 176, which assumes PCP can achieve fiscal 2009 estimated enterprise value/Ebitda multiple of 14 times...PCP currently trades at a premium to its closest peers' valuation, which we believe is justifiable for a company of PCP's quality.

Neutral - Price 34.27 on Oct. 22 by UBS Securities Pronounced deceleration in wireless growth in TXN's Q4 guidance reflect[s] a combination of share loss at Sony Ericsson to [STMicroelectronics], handset mix and continued delayed recovery from Motorola. Although analog share gains led to gross-margin upside, worries about handset share loss will create headwind for the stock over the next two to three quarters....Inline Q3 results, gross margin better, but outlook disappoints. Downgrading to Neutral and reducing target...from 44 and [to a] DCF-based price target of 38 (equivalent to 19 times 2008 P/E).

Market Perform - Price 75.09 on Oct. 23 by Morgan Keegan UPS beats estimates on international and non-package strength. UPS reported earnings of $1.05 per share excluding 3 cents per share in restructuring charges. Earnings beat street consensus and our estimate of $1.02, as well as year-ago earnings of 96 cents. Management guided for full year 2007 earnings in the range of $4.13 to $4.19 per share.