Sell - Price 4.47 on Nov. 21 by Zacks Research Atmel reported third-quarter revenues of $418 million, down 3.2% from the year-ago quarter but up 3.4% on a sequential basis. On GAAP basis, EPS was 3 cents...including a restructuring charge of $1.5 million. Management expects revenues to be flat or up 2% sequentially in 4Q...with ongoing concern over pricing pressures in its memory and ASIC businesses (SmartCard products) and lack of specifics about its restructuring programs and potential benefits, we maintain Sell rating and 4.50 target.

Hold - Price 3.60 on Nov. 20 by Sterne Agee Upgrading from Sell...We conducted a new credit-shock scenario on BBX, assuming the company could eventually write off 50% of the original appraised value of collateral backing residential-construction loans....[and found] that tangible book value bottoms out [just] below $5 a share, well above the current price. With the stock trading at about 72% of our tangible book value at its lowest point, we believe there's little downside risk...Target [is] unchanged at $4, [about] 60% of estimated tangible book value per share at the end of 3Q08.

Buy - Price 38.04 on Nov. 20 by W.R. Hambrecht Blue Coat reported fiscal-second-quarter EPS of 30 cents on $73.4 million in sales, which easily beat consensus expectations of 24 cents EPS on sales of $70 million; moreover, BCSI issued FQ3 guidance well ahead of expectations. Impressive sales were again driven by success in the WAN-optimization market [focused on accelerating applications accessed by distributed enterprise] with MACH5 initiative....Reiterate Buy and 60 target.

Hold - Price 27.88 on Nov. 20 by Sandler O'Neill We expect earnings to be pressured next year from rising funding costs, reduced loan-syndication volume and higher provisioning levels....Our 30 target is [based on] sum-of-the-parts analysis. While the shares could be valued in the low $40s under a more benign economic backdrop (or a sale), absent a near-term positive catalyst (e.g., sale of its remaining subprime-mortgage exposure), we prefer to wait for a better entry point.

Sell - Price 12.70 on Nov. 20 by Maxim Group Our target of 10 [lowered from 13] translates into '08 and '09 enterprise value/sales multiples of about 3.1 times and 2.7 times, appropriately in line with peers...[taking] into consideration a reduced value for the patent portfolio (our new patent value is about $2.30 per share, down from $3) due to increased competition...as well as our tempered outlook for both the depression and epilepsy businesses. Our new depression and epilepsy values per share are about 50 cents-to-$1 and $9-to-$10 per share, down from $1 and $11, respectively.

Overweight/Volatile - Price 19.01 on Nov. 19 by Morgan Stanley Research

Market Perform - Price 40.69 on Nov. 19 by Friedman Billings Ramsey Downgrading from Outperform....Reducing target to 35 from 60, representing 1.1 times book value of 31.75. We now believe the stock will trade close to book value over the next few quarters due to uncertainty of the impact from continued deterioration in the housing market and rising credit losses....[which] overshadow the positive trends related to the shift towards increasing volume of agency-mortgage originations and robust growth in FNM's guaranty business. We still believe [government-sponsored enterprises] will be big winners....[On Nov. 20, GSE Freddie Mac (FRE) posted a $2 billion quarterly loss.] However, investors will first have to get to a certain comfort level that charge-offs are stabilizing, which will take a few quarters. We're maintaining our FY07 EPS estimate of $1.70 and FY08 EPS estimate of $3....FNM's capital...over the minimum requirement is $11.4 billion, about 11 a share.

Outperform - Price 49.44 on Nov. 19 by Cowen & Co. H-P delivered yet another beat-and-raise quarter: 4Q07 EPS of 86 cents was 4 cents above [Wall Street estimates], with 15% top-line growth to $28.3 billion. The [Brazil/Russia/India/China, or] BRIC region is now 9% of revenue, and grew 37%. H-P is less exposed to the U.S. market, at 33% of total revenues, and not much of this is in the financial area. Also, business is split one-third each to consumer, small/medium biz and enterprise.