Buy - Price 38.27 on March 18 by Singular Research We've lowered our revenue estimate for 2008, due to headwinds in the air- and liquid-processing segment and capacity limitations in the rolls segment [the forged and cast rolls segment produces forged, hardened steel rolls used in cold-rolling], while raising our [earnings-per-share] estimate due to lower tax rate assumptions...Maintaining Buy; 60 target impl[ies] a price/earnings ratio of 13.5 times, versus our projected EPS growth rate of 14.8%. A global economic slowdown could curtail steel/aluminum production...The rolls segment is operating [near] capacity. Market-cap: $385.7 million.

In Line - Price 4.42 on March 18 by Fox-Pitt Kelton Cochran Caronia Waller Reducing to In Line from Outperform, as we have renewed concerns about deteriorating credit quality. Based on our review of the 10-K, BBX is expecting increased stress in its residential-construction ($500 million of identified problem loans) and home equity ($676 million) portfolios. We're [also concerned about] the $102 million commercial-land development portfolio/[possible] spillover from the struggling residential real-estate market. Target, 5, is down from 7; we expect BBX to trade at 75% of tangible book. Market-cap: $226 million.

Neutral - Price 6 on March 19 by UBS Investment Research [Helicos makes the HeliScope, a genetic analyzer/integrated gene-sequencing instrument.] HLCS shares have declined [by more than] 40% [year-to-date], as concerns over increased competition, unexpected management changes, slow commercial rollout, and a high '08 cash burn forecast have outweighed its modest progress since the May 2007 [initial public offering]. Although we still have lingering concerns regarding HLCS' ability to execute and have lowered our sales forecasts, we upgrade [our rating] to Neutral from Sell chiefly on valuation following the pullback. HLCS recently shipped its first HeliScope, a key positive milestone...[yet] given the HeliScope's $1.35 million price tag, significant customer validation will be needed to spur broad uptake...HLCS has little room for further delays. HLCS guides for $40 million to $50 million cash burn in '08...Our new target, 6.50 (was 10.50), is based on a [discounted-cash-flow] analysis. Market-cap: $125 million.

Buy - Price 44.98 on March 18 by Hilliard Lyons Upgrading Humana to Buy, from Neutral, following the recent decline in the stock price. Over two days, HUM shares fell when a competitor lowered earnings expectations, followed by reduced guidance from HUM. The shares rebounded, but we feel the price is still attractive and reflects risk of further estimate changes and large exposure to government programs. Humana lowered earnings expectations for '08 based on higher costs in its standalone Medicare prescription-drug program. [Humana seems] to be experiencing some growing pains with this product...EPS for 2008 could be $4.15, versus our earlier estimate of $5.40....With elections in November...more hostile rhetoric toward the private sector could cause volatility in managed-care stocks [later in '08]....Humana has traded at price/earnings multiples in upper teens when superior growth was reported, and single-digit P/Es when prospects were not as optimistic...about 13 times would be appropriate and consistent with a long-term average for HUM. Applying this to our '08 EPS estimate results in our target, 55. Market-cap: $7.6 billion.

Market Perform - Price 40.31 on March 17 by Punk Ziegel & Co. [Regarding JPM taking over Bear Stearns:] There's a $30 billion federal guarantee. JPM isn't getting a free ride, however. Bear's businesses are deeply troubled: The prime brokerage and clearance businesses are bleeding. The equity platform has been cut back through continuous firings. The energy business may not really exist after the Calpine mishap. The asset business is being sued. The brokers must be wooed. The investment-banking business must be rebuilt. The assets are of unknown quality. No one needs to increase their position in either the prime or subprime mortgage business at the moment. This is a bankrupt company for many good reasons; most importantly, it has negative cash flows. This is a very high-risk transaction...One benefit...the ridiculous accounting rule 157, supported by the Securities and Exchange Commission [which allows JPM] to treat Bear's assets differently than Bear could. Bear had to mark these assets to market, even though: There was no truly comparable market, and the assets may have been paying interest and principal on a timely basis. The press and investors...attack[ing] the Federal Reserve for what it is /is not doing...are like monks arguing over how many angels are on the head of a pin. Unfortunately, they are not locked away in monasteries. Target: 44. Market-cap: $140 billion.

Buy - Price 7.55 on March 19 by Henley & Co. We see a 20% three-to-five-year growth rate for Lawson, about equal [to other] enterprise-application platform companies. We are giving Lawson a slight premium [based in part on new-product announcements and key contract wins] of 5% to 10% for strong execution in the past few quarters, as well as their new initiatives, new products, new channels and SaaS and On Demand initiatives. Using a 30 multiple, and our EPS of 43 cents for calendar '08, we believe a 13 target is more than achievable. Market-cap: $1.4 billion.

Market Outperform - Price 5.21 on March 19 by Rodman & Renshaw Sequenom's Down syndrome test detects fetal nucleic acid in maternal blood samples. According to Dr. Allan Bombard, clinical professor at the department of obstetrics and gynecology at Albert Einstein College of Medicine: Since this test is based on genetic material and not on relative amounts of fetal-derived proteins in the mother's blood, it may be deployed at virtually any time beyond a threshold during pregnancy and still be expected to provide high accuracy. We derive our target of 13.50 by adding the comparables-derived valuations of Sequenom's analytics and diagnostics businesses (total value is about $585 million), and then calculating the total firm value by adding the projected cash of $27 million at end-2008. This includes a cash burn of $27 million in 2008. We then divide the total firm value amount by the roughly 44 million projected shares outstanding at end-2008. Market-cap: $228 million.

Outperform - Price 24.99 on March 19 by Barrington Research SONO is the market share and technological leader of the hand-carried ultrasound (HCU) market. We are initiating coverage of SonoSite with an Outperform rating...based on SONO's strong product line, improving sales force, leading market-share position and our expectation for continued strong adoption by nontraditional users of ultrasound and moderate cannibalization of cart-based systems. The HCU market has grown from $9 million in 1999, when SONO was spun off from ATL Ultrasound, to $450 million today. ATL was the originator of digital ultrasound and acquired by Phillips about a year after spinning-off SonoSite...SONO has recently launched its fourth-generation HCU platform...We believe SONO will be able to continue to grow double-digits and further expand the HCU market. Our 35 target is based on an enterprise-value [EV]/revenue multiple of 2.2 times our '08 revenue estimate of $235 million and 26 times our '09 EPS estimate of $1.33. Market-cap: $430 million.