Sector Perform - Price 21.32 on Nov. by Pacific Crest A123 [makes advanced lithium-ion battery packs]; it is solidly positioned for hypergrowth in electrified drivetrains. Based on our discounted-cash-flow and comparable-company valuation analysis, we believe shares of AONE are fairly valued at approximately 19. That said, given the lack of pure-play comparables, and uncertainty regarding future cash flows, the shares are likely to trade based on sentiment drivers like design-win activity and customer-road-map data points. While AONE has appreciated significantly above the initial offering price, we think further upside potential exists, although the current risk/reward trade-off is balanced, [with share moves that are] event-driven and volatile in the near term. Disruptions to key customer road maps, such as Chrysler's, could drastically change our...valuations. [Yet] we believe that about $5 a share in cash (with additional $2.50 in Department of Energy funds), and potential for [a few] customers to break out will limit downside in the shares....We're modeling an aggressive company-funded capital-expenditure ramp following DoE-aided capex funding through 2012. Market cap: $1.5 billion.

Outperfom - Price 76.07 on Nov. 2 by R.W. Baird BNI entered into a definitive agreement with Berkshire Hathaway (BRK-A) to acquire its remaining 77% stake at $100 a share, a 31% premium to BNI's recent price. Transaction terms include a $100-a-share cash payment, or variable Berkshire Hathaway stock tender, subject to 60%/40% cash/stock proration. Valuation reflects 8.4 times our 2010 earnings before interest, taxes, depreciation and amortization, or roughly 7 times to 8 times a cyclically adjusted normalized 2010 Ebitda. The deal represents 19 times our 2010E-EPS [estimated earnings per share, and] underscores our bullish rail thesis...despite industry pricing-growth deceleration through 2009, above-industry pricing is sustainable...[and] should drive secular margin improvement and capital returns. Market cap: $26 billion.

Buy - Price 37.42 on Nov. 3 by Pritchard Capital Partners CAM manufactures equipment for petroleum production and compression and power systems. CAM reported 3Q 2009 EPS of 58 cents versus our 50-cent estimate and the consensus 53 cents forecast. The stock remains one of our favorites to play the growing subsea market, and given CAM's significant backlog and liquidity position, we believe shares will drive strong returns for investors toward our 50 target. Market cap: $8.2 billion.

Outperform/High Risk - Price 42.72 on Nov. 3 by Boenning & Scattergood This oil-and-gas independent has 582 billion cubic feet of natural-gas equivalent (90% natural gas) of year-end 2008 proven reserves. We hold a cautious near-term outlook on the exploration-and-production sector, as we believe that the near-term risk/reward for oil and natural-gas prices is fairly balanced -- although [our] positive long-term view [is] underscored by attractive valuations. We're reiterating Outperform rating; our 46 target is based on its trading at 155% of proven-reserve liquidation-value assessment. Market cap: $1.9 billion.

Hold - Price 31.97 on Nov.3 by Soleil Securities Marathon reported 3Q09 operating earn ings of 61 cents a share versus our 56 cents-a-share forecast, and First Call consensus expectation of 57 cents, with the upside to our estimate due to slightly better-than-expected upstream earnings. ...We're raising our 2009 earnings estimate from $1.95/share to $2.05/share. We maintain our Hold rating and $35-a-share discounted-free-cash-flow-derived price target. Market cap: $26.2 billion.

Long-Term Buy - Price 30 on Nov. 3 by Hilliard Lyons NHI, a Tennessee-based real-estate investment trust, has investments in 121 health-care facilities. 3Q normalized, diluted funds from operations were 61 cents, versus 59 cents, a share [in last year's 3Q]. But including nonrecurring items, FFO was 71 cents, versus 64 cents a share...NHI shares trade at 11.4 times [forward] FFO....a discount to health-care REITs we track. [Suitability: 2, indicating cyclical or event-driven moves.] Market cap: $828 million.

Buy - Price 22.33 on Nov. 3 by Sterne Agee & Leach Our current target of 27 is based on our 2009E-EPS for RBA of 88 cents, assuming the shares trade at...30 times.