Outperform - Price 50.68 on Feb. 12 by Friedman Billings Ramsey At 1.2 times book value, AIG shares are at 20-year valuation lows...Subprime fallout has taken its toll, but we believe additional losses are...manageable, as not all will...impact the income statement. [We] calculate AIG could see maximum of about $7.8 billion of after-tax additional losses, or $3.01/share...represent[ing] less than half AIG's full-year earnings...AIG [is] well-positioned to capitalize on international opportunities (with operations in 130+ countries)...We believe the recent sell-off is overdone. 74 target. Market-cap: $130 billion.

Buy - Price 41.44 on Feb. 11 by FTN Midwest Securities AOC reported GAAP earnings of 64 cents a share and 59 cents EPS from continuing operations (ex-life-insurance units, expected to be sold by end of 2Q08). EPS from continuing operations [were] 2 cents [a share below our estimate, and] 7 cents [below consensus]. EPS from continuing operations rose 37%...Organic revenue growth for insurance brokerage was 2%; consulting posted a 5% decline...[Earnings before interest and taxes] margin rose from 12% in 4Q06 to 15.2% in 4Q07. For 4Q07, insurance-brokerage operations' pretax margins rose from 12.9% to 16.4%...revenue growth 8%/exp- ense growth 3%...Market-cap: $12.3 billion.

Buy - Price 24.11 on Feb. 12 by Garp Research Administaff posted commendable unit and top-line growth...Given ASF's historical volatility, trading pattern, and the potential for further weakness in the U.S. economy, we wouldn't be surprised [if] the shares dip below 20. But historically, the time to build a position in ASF is when economic fears spike. In 4Q07, average paid work-site employees (WSEs) numbered 115,451, an 11% rise over 4Q06 and a 3% jump sequentially. Coupled with price and wage inflation, unit-growth drove revenue up 14% to $402 million. Gross profit increased 13% to $84 million...Gross margin was flat year-over-year at 21%...We estimate ASF will earn 43 cents a share in 1Q08 and $1.84 full year. We like Administaff because it caters to professionals (higher salaries)...Market-cap: $639 million.

Outperform - Price 20.29 on Feb. 12 by A.G. Edwards Bois d'Arc reported net income per diluted share of 42 cents in 4Q07, setting a new company record...The upside versus our 29-cent estimate came from higher realized pricing...production in the quarter totaled 10.7 Bcfe [billion cubic feet equivalent], up a solid 20% year-over-year. BDE's average realized price for oil and gas production in the quarter came in at $9.39 [per million cubic-feet equivalent], 12% above our estimate; exploration expense was at its lowest level of 2007. Bois d'Arc replaced an impressive 228% of its 2007 production via the drill bit. It spent $214 million on exploration and development, adding 96 Bcfe to proved reserves, yielding a finding and development cost of $2.22/Mcfe...well below the industry average. Market-cap: $1.3 billion.

Outperform/Aggressive - Price 16.42 on Feb. 12 by Barrington Research Callaway reported 4Q net sales of $174.4 million, versus [year-ago] $179.9 million, in line with management...full-year '07 sales were $1.125 billion (+10.5%), in line with preliminary guidance, [versus] $1.018 billion in 2006...Excluding...charges, 4Q pro forma loss was 24 cents, versus a 13-cent loss a year ago...[In 2007, Callaway showed] strong recovery since the new CEO took over. Its full-year '08 guidance is [for net sales of] $1.145 billion to $1.165 billion and pro forma diluted EPS of $1.08 to $1.18 (+21% to +33%), exclud[ing] 8 cents [est.] restructuring charges...Even with the consumer-spending environment...management still expects good opportunities for gross margin through '10...Target: 22. Market-cap: $1.05 billion.

Strong Buy - Price 17.29 in Feb. 12 by JMP Securities Following Capstead's 4Q07 earnings call Feb. 11, we...have applied a new interest-rate forecast including a 2.25% floor fed-funds rate, versus our previous 3% floor. We've also adjusted for a lower gross asset yield and higher premium amortization expense...Our '08 GAAP EPS estimate rises from $2.35 to $2.50; our '09 estimate is now $2.65, versus previous $2.50. New '08 projected total dividends...provide a 14% forward yield on recent CMO closing price. Target [goes] from 18 to 20 to reflect higher dividend, 67 cents, and tangible book value $12.97E for 1Q09. We are now modeling a 30% total return in CMO shares over the next year. Market-cap: $543 million.

Buy - Price 40.83 on Feb. 11 by Maxim Group U.S.-based Chindex provides health-care services and...medical devices to China...It trades below our current fair-value estimate of 47...[based on] a 10-year discounted-cash-flow approach...55 target translates to forward PEG multiples of 1.2 times and 0.9 times, in line with peers. Market-cap: $372 million.

Strong Buy - Price 32 on Feb. 12 by Wedbush Morgan Maintaining 2007 EPS estimate of $2 and 2008 EPS estimate of $2.79 [on this footwear company]; reducing target to 45 from 70; 45 target is 16 times our '08 EPS estimate (with its 25% projected longer-term earnings growth rate discounted 35% given the difficult consumer and market environment). Market-cap: $2.6 billion.