Buy - Price 17.08 on Oct. 27 by Standard & Poor's Equity Research We're raising our recommendation to Buy from Sell...based on valuation. AKS posted 3Q earnings per share of 6 cents, versus EPS of $1.67 on a 52% sales decline, better than our 4-cent-loss estimate. We're narrowing our '09 loss estimate to 83 cents from 89 cents...and increasing our '10 estimate to $1.63, from $1.35, assuming higher shipment volume, well-controlled costs, and a more favorable product mix. We're raising our target to 22 from 17, to reflect our revised '10 estimate. On our price/earnings projection for '10, AKS would trade more in line with the P/E we apply to peers. Market cap: $1.8 billion.

Underweight - Price 9.08 on Oct. 27 by JPMorgan Equity Research Target: 6; previous, 7. Following a 3Q09 [earnings before interest, taxes, depreciation and amortization] miss...we are reaffirming our Underweight rating on BYD. Recall, BYD reported 3Q09 net revenues and adjusted Ebitda of $398.2 million and $96.6 million, compared to our $407.5 million and $100.8 million and the Street's $410.7 million and $101.3 million, respectively. Market cap: $804 million.

Underperform - Price 16.55 on Oct. 27 by Wedbush Securities Ceradyne develops and manufactures ceramic products, components and powders for the defense, industrial, automotive and commercial markets. Q3 revenues were $108 million, compared to $168 million a year ago and our estimate of $109.2 million....The company lowered 2009 guidance, given continued challenges with body-armor volumes and overall end markets. FY2009 revenue is now expected to be in the range of $410 million, $415 million, down from $420 million to $440 million, and EPS to be 60 cents, down from 70 cents. FY2010 revenue and EPS guidance are expected to be in the ranges of $380 million to $430 million and 60 cents to $1.05, respectively. Market cap: $425 million.

Buy - Price 37.32 on Oct. 27 by Jefferies & Co. Our 46 target values HON at approximately a market multiple on 2011 EPS of $3.05, a slight premium to the peer group that reflects HON's above-average market positioning. Risks include a more severe global economic slowdown, further reductions in air-traffic levels, and an inability to improve transportation-systems performance. Market cap: $27.9 billion.

Outperform/Higher Risk - Price 48.74 on Oct. 27 by Baird Associates We have a new 61 price target, after LIFE posted another strong top- and bottom-line beat... The third quarter was driven by solid end-market demand, H1N1, initial stimulus and prudent cost control....We continue to believe easier comps, [National Institutes of Health] stimulus and improved market conditions will help generate instrument sales closer to normal levels in '10. LIFE generates the majority of its sales outside the U.S....LIFE resulted from combining Invitrogen and Applied Biosystems in '08, and its products [are still] sold under these brand names. Invitrogen-brand products, predominantly kit-based...are used in molecular-biology and cell-culture applications. Applied Biosystems-brand products are more focused in the areas of...DNA sequencing and DNA synthesis. Market cap: $8.9 billion.

Hold - Price 30.91 on Oct. 27 by Sandler O'Neill & Co. Despite strong 3Q09 results across [assets under management] and net flows, we're reiterating our Hold rating, as we think the [asset manager's] stock is trading around fair value. At 17 times to 18 times our revised EPS estimate for next year, or about in line with peer average, we think WDR's multiple reasonably reflects the firm's best-in-class organic growth versus a lack of scale, and below-average margins/operating leverage. Market cap: $2.6 billion.