Strong Buy -Price 18.24 on Nov. 11 by Wedbush Morgan Israel-based Amdocs is a leading provider of customer care and billing, customer-relationship-management and order-management systems for wireless, wireline, broadband, IP, and convergent-service providers. Amdocs exited Q4 with operating margins of 17.9%; management [sees] maintaining these margins through 2009, even amid a difficult macro environment...We find Q1 guidance and expectations reasonable. For Q1, management expects revenue of $785 million to $810 million, which is 6% to 9% growth year over year. Excluding [foreign-exchange] impact, management indicated growth would have been about 3% higher. Consensus expectations are for 7% year over year growth. Target: 34. Market cap: $4 billion.

Neutral - Price 7.61 on Nov. 11 by JPMorgan ASCA's 3Q08 GAAP earnings per share were 25 cents...we calculate recurring EPS of 34 cents, 5 cents better than our 29-cent estimate and 7 cents better than the Street's 27-cent estimate....Our 2009 EPS goes to $1.11, from 91 cents...We remain cautious about ongoing competitive pressures...We believe downside is limited at current levels; ASCA trades at 6.4 times 2009 estimated enterprise value/earnings before interest, taxes, depreciation and amortization and 5.5 times 2010E EV/Ebitda...versus historic 7.3 times. Market cap: $440 million.

Sector Perform - Price 20.29 on Nov. 12 by Pacific Crest In addition to exceeding all fiscal Q4 (Sept.) expectations, Concur had 800 new customers, up from 700 last quarter and 525 the year-ago quarter...We are lowering our fiscal Q1 estimates in line with company guidance, but we are increasing F2009 revenue and pro forma EPS to $269 million and 71 cents from $268.6 million and 66 cents. Our F2009 free cash flow/share (FCF) estimate remains 88 cents....Despite strong results, valuation remains challenging. At 23 times our F2009 FCF estimate and 29 times our F2009 pro forma EPS estimate, CNQR trades at a deserved premium to peers. But we see little basis for multiple expansion until multiples expand on the entire sector. Meantime, Concur's business could still be impacted more than expected by the economy going into 2009. Market cap: $1 billion.

Hold - Price 39 on Nov. 11 by Jefferies Research Taking our 2010E EPS, $3.30 [and] an 11.2 times price/earnings multiple...results in a 37 price target. ED's 3Q operating earnings were 98 cents a share, below our estimate and consensus $1 and $1.18 a year ago. Excluded from 3Q08 results is a 32-cent mark-to-market loss from its competitive business. Con Ed's gross margin improved by 6.3%...in 3Q. Con Edison [has]...dividend-growth potential. Risk: It awaits a final decision for an electric rate case...Market cap: $10.7 billion.

Market Outperform - Price 4.88 on Nov. 11 by Avondale Partners Petroleum-refiner DK's EPS of 47 cents topped our 18-cent estimate and consensus 38 cents. We're reiterating Market Outperform rating, [but] lowering our price target to 9. Q3 performance [was] driven primarily by increased margins at both refining and retail...lower gasoline prices will benefit the retail side, where DK continues to increase margins...DK shares [are] off nearly 50% since Oct. 1; the current price includes essentially zero value for the Tyler (Texas) refinery. While there will be challenges...[we see value in DK's refinery, and] continue to see this well-run, diversified company as an attractive investment at current levels. Market cap: $265 million.

Hold - Price 13.19 on Nov. 10 by Sandler O'Neill FNB is an $8.5 billion bank-holding company based in Hermitage, Pa. Investment positives include strong profitability...even with heightened credit costs and stronger operating trends than peers...Negatives include the drag on credit resulting from Florida loans and the recessionary environment....Our 14 target assumes FNB will trade at 13.5 times our 2009 estimate one year from now...the stock offers a 7% dividend yield. Market cap: $1.7 billion.

Outperform - Price 26.69 on Nov. 11 by William Blair & Co. We estimate that INFY will generate fiscal '09 revenue of $4.75 billion and earnings per [American depositary share] of $2.21. Market cap: $15 billion.

Hold - Price 8.87 on Nov. 12 by Standard & Poor's Equity Research October-quarter operating loss per share of 8 cents, versus EPS of 10 cents, beats our loss estimate of 24 cents, on tight inventory controls and sales growth in private labels. We see M gaining market share from competitors on the strength of its brands and marketing. But with sales trends deteriorating in the Oct.-Q, we see aggressive markdowns and higher marketing-spend[ing] driving holiday sales. We raise our FY09 (Jan.) operating EPS estimate by 10 cents to $1.40, but keep FY10's at $1.15. On lower peer multiples, we reduce our P/E-based 12-month target price by $2, to $10. Market cap: $3.6 billion.