Buy - Price 25 on Jan. 29 by Sandler O'Neill ALNC reported 4Q07 EPS of 51 cents, 2 cents above consensus and 5 cents above our estimate...With modest earnings-per-share growth forecast for this year and next (in line with peers), we think ALNC [shares] should trade at least at a peer multiple...[they are] at only a 6% core-deposit premium. ALNC could also...become an acquisition candidate...[as] the dominant local bank in the Syracuse market. Market-cap: $120 million.

Outperform - Price 44.09 on Jan. 29 by Morgan Keegan CNW reported 4Q07 earnings from continuing operations of 88 cents per share, excluding 10 cents a share in costs related to Con-way Freight transformation...earnings beat our 85-cent estimate and Street consensus, 82 cents....Management guides ...FY08 earnings from continuing operations of $3.40 to $3.80 a share...We're lowering our FY08 earnings estimate to $3.50 from $4.15...We believe the shares are undervalued. Market-cap: $1.9 billion.

Sector Perform - Price 2.01 on Jan. 29 by Pacific Crest Entrust [which secures digital identities and information for consumers, enterprises and governments in 60 countries] appears to have reached stability. Q4 revenue and EPS of $26.7 million and 4 cents were in line with our estimates [and show] solid progress...toward sustainable revenue streams (subscription revenue accounted for 51% of total)...Financial-services exposure presents a headwind...[as does]...further weakening of the dollar...[hence] we remain somewhat cautious. But at less than 2 times [enterprise value]-to-trailing-12-month maintenance revenue, ENTU is attractively valued, in our view. Market-cap: $122.8 million.

Focus List - Price 33.63 on Jan. 29 by McAdams Wright Ragen [Fluid-handling company] GGG reported 4Q and full-year 2007 results. Quarter sales totaled $205.2 million; earnings, 56 cents...improvements versus a year ago; FY earnings reached $2.32; revenues, $841.3 million. Revenues in the Americas remain under pressure from difficult housing market...Still, GGG has...produce[d] positive fundamental comparisons on the back of international sales strength, industrial customers, share repurchases, and foreign-currency benefits. We're trimming our '08 earnings estimate from $2.77 to $2.55...Target still 52, implying [that] Graco can trade at a slight premium to the broad market on earnings of about $2.80 sometime in the 2009 time frame. Market-cap: $2.2 billion.

Outperform - Price 66.20 on Jan. 29 by Baird Securities Techne is the leading producer of cytokine-related reagents and kits in the U.S. and biotechnology and hematology units. We're increasing our target from 70 to 71, based on a price/earnings multiple of 25 times (in line with 15-to-40 times we afford life-science companies) our calendar-year '09 EPS estimate of $2.82...we believe [the multiple] warranted, given Techne's industry-leading operating margins, strong cash flow, and strong balance sheet ($188.8 million of cash; no debt). Market-cap: $2.6 billion.

Outperform - Price 32.89 on Jan. 29 by Friedman Billings Ramsey Upgrading from Market Perform...to reflect our forecast of continued net-inflow growth and improving margins...raising target by $2, to 38, or 15 times our 2009 estimate. [Waddell & Reed Financial is a holding company with three major subsidiaries: W&R, nationwide distributor and underwriter for the shares of mutual funds and distributor of insurance products issued by Nationwide Financial Services; W&R Investment Management advisory; and transfer-agency and accounting services for mutual funds and shareholders.] Market-cap: $2.7 billion.

Hold - Price 60.19 on Jan. 29 by Soleil Group/Back Bay Research VLO reported 4Q07 operating earnings of $1.02 a share, versus our 75-cent forecast and consensus 64. Earnings benefited from about 15 cents a share [on] a Canadian tax-rate reduction, an inventory gain and an insurance settlement. We are lowering our '08 earnings forecast from $8.55 a share to $8 due [to] lower through-put volume and higher operating-cost assumptions [on weak margins]. Market-cap: $30 billion.

Buy - Price 16 on Jan. 29 by Morgan Joseph U.K. authorities ruled against Sky's stake in ITV -- a positive for VMED given the content-threat removal...Cable-provider Virgin's priority in the near-term is to reduce churn. Target: 26. Market-cap: $5.2 billion.