Buy - Price 20 on Nov. 18 by Rochdale Research HD reported Q308 earnings per share of 45 cents, 6 cents above consensus and 4 cents above our estimate The beat was driven by gross margin (more favorable mix and promotion) and excellent expense control (17 basis points of sales, general and administrative deleveraging per 100 bps of comp decline). During October, comparable-sales trends deteriorated to about negative 10%. Weak sales trends persist...management expects challenged consumers in Q4. HD lowered revenue guidance for '08 to negative 8% from negative 5%; implied guidance for Q4 was cut to around 12 cents, from 18 cents. We've upgraded HD from Hold and boosted our target to 27.50. We're not calling the turn of the housing cycle or end of the bear market, but we don't think the current level of investor fear and uncertainty is sustainable -- and we do think HD is extremely cheap. Market cap: $33.88 billion.

Moderate Outperform - Price 13 on Nov. 17 by First Global We're lowering revenue and earnings estimates for Q408 and calendar '08 in line with management's downward revision to guidance, but [we see] a robust business model, strong cash position, continued focus on efficiency improvement and strength in product portfolio [helping INTC] weather economic downturn. Market cap: $72.31 billion.

Outperform/Speculative Risk - Price 13.49 on Nov. 18 by RBC Capital Markets We're lowering our target to $30/unit from $41/unit. Our risk rating changes to Speculative, as debt leverage and distribution coverage relative to other [master limited partnerships] have deteriorated. In addition, we are lowering our long-term distribution growth rate assumption from 9% to 7%. Market cap: $751 million.

Market Perform - Price 13.66 on Nov. 18 by Avondale Partners With its newborn-hearing screening franchise, we believe Natus' sales team enjoys access to almost all hospitals in the U.S. We see Natus...broadening its product offerings, as with neurological monitoring, sleep diagnostics, jaundice treatment, and the Cool Cap... Recent acquisition of Excel-Tech's neurodiagnostic equipment to Natus' product line is a prime example of this strategy. [There are also] opportunities for growth overseas...[Natus' executives constantly seek] tuck-in acquisitions ...and like to pay roughly one to one-and-a-half times revenue. They target companies/products closely associated with their expertise that can help them reach their gross margin goal of 65%. Our target, 17, uses a forward price/earnings multiple of approximately 17 times on our 2009 EPS estimate of 99 cents. This multiple is in line with other medical-device companies'. Market cap: $382 million.

In Line - Price 8.68 on Nov. 18 by Fox-Pitt Kelton Target: 9. Provident announced that it has received the maximum amount of TARP [Troubled Assets Relief Program] preferred capital ($151 million/3% of risk-weighted assets)....[yet] we expect ongoing concerns about the securities portfolio will remain an overhang...we maintain our 9 target (1.3 times projected 2009 tangible book)...we believe Provident wouldn't have a problem paying back the capital. We also assume that risk-weighted assets do not increase by more than 18% by the end of the three-year period. We are lowering our 2008 estimated and 2009E EPS to 8 cents and 60 cents, from 10 cents and 75 cents, respectively, principally to reflect the impact of the $7.55 million annual preferred dividend and warrant...related share dilution. Market cap: $288 million.

Overweight - Price 10.69 on Nov. 17 by Morgan Stanley Target: 46. Demand trends are slowing, but United Airlines' capacity cuts are industry-leading. Fuel hedges are unlikely to cause a liquidity squeeze. The ancillary revenue opportunity for '09 is large, at $1.2 billion and growing. Ticket and bag fees represent $850 million in estimated revenue in 2009. UAUA is cutting about 7% of international capacity in '09. The antitrust-immunized alliance with Continental is in the home stretch of the regulatory-approval process. We [believe] UAUA can achieve (at least) mid-cycle margins in 2009 on significant capacity cuts and a large pullback in fuel costs. The market is discounting an outlook that's far too bearish, in our view. UAUA's liquidity position is decent and improving, despite a poor credit environment. With a solid risk-reward skew and an improving free-cash-flow outlook, we believe the shares are very compelling at current levels and expect a rally by early 1Q09. Market cap: $1.6 billion.