Outperform -- Price 63.19 on March 17 by Baird Securities Target: 80. CEPH's Nuvigil had statistically significant efficacy as an adjunctive therapy to mood stabilizers in a Phase 2 bipolar I depression trial...Top-line safety/tolerability was comparable to placebo...We apply a price/earnings ratio of 14 (group average recently in range of 15 to 20 times, historically 20 to 30 times) to our 2010 estimated earnings per share....The discounted multiples represent those recently awarded by the market. Market cap: $4.9 billion.

Hold -- Price 12.25 on March 17 by Wunderlich Securities We forecast operating EPS will recover to $3.05 in 2009 versus $1.93 in 2008. We expect 2010 operating EPS will rise 15%, to $3.50. Book value is expected to rise 14% in 2009 to $21.06 compared to $18.41 in 2008 and increase 15% in 2010 to $24.15. We anticipate [return on equity] will recover to 15.4% in 2009 and 15.5% in 2010 from 9.2% in 2008. We're establishing a 15 target, which is 22% above the current price. We believe Delphi's volatile history of EPS performance and lack of visibility on achieving stable results limits the target valuation to 70% of forecast book value and 4.6 times 2009 EPS. The target valuation is close to peers, which are trading at 4.7 times 2009 EPS and 60% of 2009 forecast book value. Delphi is an excellent operational manager...but its investment strategy has created a high level of unpredictability...The restructuring of the investment portfolio is expected to improve stability but also reduce returns....We believe Delphi shares could remain under pressure if earnings fall below company guidance as our estimates and Street consensus predict. Consensus [EPS] estimates are below guidance at $2.98. Market cap: $522 million.

Buy -- Price 13.06 on March 17 by Sterne, Agee & Leach Initiating with Buy and 17 target...and are introducing our 2009 and '10 EPS estimates of 97 cents and $1.23, respectively. Although the stock has appreciated significantly in [recent] weeks...DKS is well positioned to maintain earnings power, despite sharp declines in sales productivity. Macro headwinds...and increased savings rates are likely short-run challenge[s]...The sporting-good channel is among the most fragmented U.S. retail channels; DKS, the largest player, controls about 11% of sales. Several large rivals have high degrees of leverage and may be unable to survive a severe, prolonged recession...[We see] DKS' goal of 800 stores [as] attainable when substantial capacity contributed by rivals is taken out. Market cap: $1.5 billion.

Outperform -- Price 19.45 on March 17 by Pacific Crest F5 Networks has become a critical enterprise supplier in the data center, uniquely positioned as an intelligent appliance that resides at a key integration point between applications, servers, storage and networking fabrics. Even assuming another 25-cent cut to our [fiscal] 2009 EPS estimate of $1.50, the risk-reward on FFIV is favorable, with downside to 18 and upside to 30 based on P/E multiples of 13 times to 18 times. The stock, trading at 4.4 times 2009-E [enterprise value/earnings before interest, taxes, depreciation and amortization] appears to be undervalued...F5's solid operating track record, new product cycle, strong balance sheet and differentiated technology assets warrant a premium valuation, in our view. Market and macroeconomic conditions could interfere. Market cap: $1.6 billion.

Hold -- Price 1.59 on March 17 by Jefferies & Co. FIG's hedge-fund redemptions are moderating...it reported 4Q08 pretax loss of $258 million or minus-56 cents a share. Private-equity valuations remain under pressure and portfolio-debt maturities loom...however, the added flexibility of FIG's recent debt amendments brings stability in the near-term. Our revised $2 target is based on a sum-of-the-parts valuation. Risks...include further reductions in carrying values, larger-than-expected [hedge-fund] redemptions, and breach of debt covenants. Market cap: $610 million.

Hold -- Price 6.28 on March 17 by Webush Morgan While our long-term secular investment case remains, we believe positive near-term catalysts, including clarity on program build-rates for the Airbus 380 and Boeing 787, remain several quarters away...Wind energy [is seeing] volume pressure as credit markets restrict projects' funding. Our target [drops to] to 8 from 9, but we maintain Hold rating. Our 8 target remains 6 times EV/Ebitda multiple on our '09 Ebitda estimate of $194.1 million, down from $203.2 million. HXL produces advanced structural materials for...aerospace and industrial markets. Market cap: $603 million.