Hold - Price 21.51 on Feb. 3 by Sandler O'Neill Our price target falls to 23 from 30 to reflect multiple compression in the group. CINF estimated its year-end book value at $25.75 and declared a 39-cent dividend (unchanged). Book value of $25.75 is approximately $1.50 better than we most recently estimated. Cincinnati Financial has made a number of significant changes to its investment portfolio.notably, reduc[tion] of its financial-sector holdings [to] 12.4% of the portfolio at year-end, versus 56.2% at year-end 2007. CINF is known for consistently increasing its dividend, and it is a break from tradition that it did not do so this quarter. Market cap: $3.5 billion.

Buy - Price $37.93 on Feb. 2 by Hilliard Lyons [This health-services and benefits provider reported] 4Q earnings in line with expectations. EPS of $1.03 declined from $1.43 in 4Q07...at the lower end of management's guidance of $1 to $1.10. Lower earnings from the standalone Medicare prescription-drug plan and seasonality were factors...Humana also had four cents a share in investment impairments in the quarter. Membership targets were largely achieved....Commercial revenue rose 10%, as acquisitions contributed. Government revenue increased 22%, as Medicare Advantage premiums grew 29%.... [Otherwise,] operations performed well. Market cap: $6.4 billion.

Outperform - Price 20.40 on Feb. 2 by Baird Securities LRY reported [funds from operations] per share of 80 cents [beating our and Street] estimates...Excluding termination fees, impairment charges, discounts from senior-note repurchases, and forfeited buyer deposits...LRY would have reported 4Q08 FFO per share of 78 cents... For '08, LRY reported FFO a share of $3.20, above our and the Street's estimates; '09 FFO guidance [remains at] $3 to $3.20. Market cap: $1.9 billion.

Hold - Price 12 on Feb. 2 by Wedbush Morgan Reducing our target to 13 from 15, reflecting a price/earnings multiple around 9.5 times our 2010E-EPS of $1.36. As we believe '09 earnings will be severely depressed, we use our '10E-EPS, reflecting a more normalized operating environment...Risks to target include a broad consumer slowdown, commodity costs, a prolonged Barbie recovery and uncertain box-office performance of related films. Market cap: $4.3 billion.

Hold - Price 9.21 on Feb. 2 by Gilford Securities Based on severely curtailed demand for recruitment services...compounded by the absence of aggressive cost-reduction actions, we are sharply reducing our '09 non-GAAP diluted EPS to 5 cents on revenue of $892 million (minus-34% year/over/year) from $1.20 on $1.3 billion; and '10 non-GAAP diluted EPS to 25 cents on $877 million (minus-2% y/o/y) from $1.40 on $1.4 billion. Our model assumes continued but moderating q/o/q revenue declines through '09, followed by a stable first-half 2010 and gradual recovery in 2H10. Market cap: $1 billion.

Sell - Price 14.37 on Feb. 3 by Collins Stewart Lowering target to 9 (from 10.75)...based on just under 10 times (from 8 times) our calendar '09 pro forma EPS estimate of 91 cents (from $1.36). This P/E is in line with trough multiples in the electronics-supply chain during certain downturns and near current multiples for the [electronics manufacturing service] group. Risks include tech-spending trends, regulation changes and integrating acquisitions. Market cap: $568 million.

Outperform - Price 11.45 on Feb. 3 by Keefe, Bruyette & Woods Target: 18. [Education financier] Sallie Mae said it reached agreement with its bank lenders to extend the maturity of its outstanding $26 billion [asset-backed commercial paper] facility...for 60 days. We are lowering our '09 EPS to $1.12 from $1.20 to incorporate the incremental costs. Market cap: $5.3 billion.

Neutral - Price 40.48 on Feb. 3 by Sterne, Agee & Leach We like VMI's diversified global structures business, including a leading utility-transmission-pole business that we expect to show solid growth [in coming] years and a traffic- and lighting-pole business that could benefit from stimulus spending as early as 2H09 as well as a new U.S. highway bill...offering support to VMI's three-to-five-year earnings-growth outlook. Before we can get more constructive on VMI, we need more visibility on the depth of the irrigation downturn. VMI now trades at a 9% relative P/E discount to the market based on our 2009E-EPS of $3.60. Market cap: $1 billion.