Hold - Price 17.25 on Dec. 16 by Collins Stewart We believe that as overall Department of Defense spending is pressured, a shift toward C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) spending will ensue, benefiting APSG. [Enterprise value/earnings before interest, taxes, depreciation and amortization] is around 7.5 times, versus an eight times average the past few years. This is about a 15% premium to peers, but [recently] the multiples of companies serving C4ISR markets have increased...[which we see as] sustainable...[as such,] companies become acquisition targets. Market cap: $220 million.

Strong Buy - Price 29.39 on Dec. 16 by Raymond James Target: 68.50. Softer 2009 fundamentals will likely lead to lower volumes for Consol [the largest U.S. producer of high-energy producing, or high-BTU, bituminous coal.] After channel checks, we've trimmed fourth-quarter 2008 earnings per share to 50 cents from 73 cents, 2009 to $5 from $6.80, and 2010 to $5.20 from $5.35...We've heard that...certain metallurgical-coal contracts [may be] canceled -- or held off for delivery or requests for price adjustments in light of steel-industry [conditions]...Consol's high-quality Buchanan [Virginia] coal should see stronger prices relative to some of the lesser-quality met-coals, [and] thermal-coal contracts with utilities should hold up well. Market cap: $5.5 billion.

Buy - Price 10.50 on Dec. 16 by Jesup & Lamont Target: 15. Delta announced more voluntary severance[offers]...for most employees. Pilots, management and information-technology personnel aren't eligible. DAL's capacity-reduction means less need for back-office employees and baggage handlers. We believe the combined DAL/Northwest can earn as much as $4 to $5 in 2010, and using an eight times to 10 times multiple, a target of 32 to 40 a share is reasonable. Market cap: $3.5 billion.

Market Perform - Price 7.99 on Dec. 17 by Keefe, Bruyette & Woods FITB reduced its common dividend to a penny a share from 15 cents...Due to our expectation for more accelerated credit costs and increased margin pressure from the recent fed-funds target rate reduction, we are lowering our 2009 estimate to 60 cents from $1 a share. We're also lowering our 2010 and 2011 estimates to $1.15 and $2.20 from $1.65 and $2.25 a share, respectively....We lowered our '09 [net-interest margin] forecast to 3.28% from 3.42% and our 2010 NIM to 3.34% from 3.53%. Based on the lower estimates, we are reducing our DCF-based price target to 9 from 13. We believe FITB may need an additional $750 million in common equity to support its [tangible common equity] ratio near historic levels (about 6.25%). Market cap: $4.4 billion.

Buy - Price 44.10 on Dec. 16 by Sterne Agee & Leach We're maintaining our Buy rating and lowering our target to 48 from 72. Our target is based on our 2009 estimated earnings per share for ITT of $3.80 (from $4.30 previously) and assumes shares trade at a 15% relative price-earnings ratio premium to the overall market. Currently, Bloomberg estimates the Standard & Poor's 500 forward earnings of $80.86, implying a...P/E ratio of 10.9 times. [Our] investment case: This well-managed and attractively priced diversified multi-industry and infrastructure-industrial company is likely to positively surprise with better-than-expected success from recent EDO Defense Electronics....Potential negative: Slowdown in defense spending. Market cap: $8 billion.

Outperform - Price 16.59 on Dec. 17 by Morgan Keegan The refinancing of the $200 million, 7.5% senior notes due June 2009 has been an issue of concern for investors. While KSU is refinancing at higher rates, we believe [this is] a net positive for KSU long-term as it pushes out the refinancing of its bank lines...into 2011 and 2013 and clears up a major overhang for the stock recently. At 8.5 times and 7.7 times our 2008 and 2009 earnings estimates, shares are...trading at steep discounts to historical...P/E average multiples...We believe the [share] sell-off is overdone, and creates a buying opportunity for investors. KSU remains the only true growth story of the U.S. Class 1 railroads and has significant new business opportunities. Market cap: $1.5 billion.

Buy/High-Risk - Price C$10.68 on Dec. 16 by Dundee Securities The goal of MDI [one of the world's largest drillers], is to dominate the specialized and underground-drilling markets. It has 576 rigs, and plans to add another 40 rigs during an intensive $55 million capital program during fiscal 2009. We are reducing our MDI target to C$17.75 [about U.S.$14.70] from C$43 a share. We'll keep the Buy recommendation, considering the dismal stock-price performance by this New Brunswick-based driller since June. But we're drop[ping] our 2010 EPS estimate multiple from 11 times to 9 times. Our revenue assumptions are down 10% for 2009E and 31% for 2010E. We had previously assumed year-over-year revenue growth would be flat, but now suggest there is potential for a 25% pullback for next year. The exploration slowdown is here...We also expect a restructuring charge in Q3. Weather delays and inventory building will likely pressure earnings and cash flow. Market cap: C$252 million.

Buy - Price 10.94 on Dec. 16 by Deutsche Bank Even on our reduced estimates, valuation multiples appear modest and fail to adequately account for [paper-producer and packager] MWV's impressive land holdings. MWV offers one of the sector's best balance sheets and an 8.4% dividend yield. We [recently] lowered our FY09 estimate from 90 cents to 60 cents [per share] to reflect lower volumes across MWV's entire portfolio, as well as lower [foreign-exchange] translation....Our 18 target is based primarily on a DCF analysis. We use a 15.3% equity cost of capital, based on a 4% risk-free rate, a 7.5% equity market-risk premium, and a 1.5 beta. We also use a 6.7% after-tax cost of debt....We [still] have concerns about the ability of current management to create shareholder value. Other risks: demand slowdown for high-value timberlands; slowing consumer/office markets; and adverse currency moves. Market cap: $2 billion.