Market Outperform/High Risk - Price 26.97 on March 24 by Hapoalim Securities Acorda's lead drug, Fampridine-SR, has been filed with the Food & Drug Administration for approval in treating walking impairment due to multiple sclerosis... [It could come] in early '10, making it the first oral pill treating the underlying cause of [MS]. We are initiating coverage with a 35 target... derived from a composite risk-adjusted net-present-value approach, which evaluates the firm's marketed anti-spasticity drug Zanaflex and...Fampridine-SR for MS to yield a total firm value of $1.3 billion. We accord a 5 times multiple on '09 projected sales of Zanaflex, to yield $300 million NPV for the Zanaflex franchise...product growth is slowing, and Acorda is unlikely to see significant additional revenue growth, given the highly genericized market. Yet the Zanaflex franchise has significant strategic importance...and could enable it to market Fampridine-SR independently in the U.S., if approved. Market cap: $1 billion.

Hold - Price 5.46 on March 24 by Jefferies & Co. MMR has reduced 2009 [capital expenditure] and production targets modestly. Credit facility is currently being redetermined, but we think MMR has sufficient liquidity for...'09. Our 5.50 target is derived from our net-asset-value model utilizing $55 oil and $6 natural gas and is based on estimated year-end '09 proven reserves (down 8% from [year-end] '08). Our price target attributes no explicit value to MMR's exploration portfolio...although we assume MMR will replace reserves in 2009, which will require additional exploration success. Risks include commodity prices, unsuccessful exploration, and project delays, especially those resulting from hurricanes. Market cap: $385 million.

Sell - Price 23.79 on March 24 by Collins Stewart We are launching coverage of the A shares with a Sell rating and a 20 target (and the B shares, SPWRB, with a Sell rating and an 18 target). The primary appeal of SP...is rooted in its strong market share in the U.S. solar market, which appears set to grow substantially, but not necessarily the next few quarters. While [calendar '09 has started] rather weakly, the expanded investment-tax-credit policy that went into effect Jan. 1, and the stimulus bill enacted in February, create potential for a prolonged period of growth starting in 4Q09 -- when the loan guarantees and solar grants in the stimulus bill are rolled out. [We believe SunPower's] gross margin will come under pressure. If polysilicon prices were to fall to $60/kilogram in the year ahead -- [which] we believe likely -- greater processing costs may exceed premiums it charges and...its cost savings from lower polysilicon consumption. Market cap: $2 billion.

Market Perform - Price 8.51 on March 24 by Sandler O'Neill We are downgrading Skyworks [a maker of high-performance analog and mixed-signal semiconductors for mobile devices] to Market Perform from Strong Buy based on: customer weakness...end-market weakness... and limited operating leverage. SKWS has posted consistently strong results in recent quarters, significantly outperforming peers. [But we are] concerned that pressure on top-line growth will limit margin leverage in the near-term...We believe Skyworks is fairly valued at current levels...approximately 16 times our [fiscal year] '10 [generally accepted accounting principles] earnings-per-share estimate. We are maintaining our FY09 and FY10 GAAP EPS estimates of 43 cents and 49 cents, respectively. Market cap: $1.4 billion.

Market Perform - Price 40.83 on March 24 by Keefe, Bruyette & Woods After [last Monday's] close, SF announced it would acquire up to 55 UBS branches and 320 financial advisers. The total transaction cost, if all advisers join, will be about $46 million...We believe the deal is positive for Stifel, and an indication of its solid financial position [and that] SF's premium valuation of 1.8 times current book value versus an average of 1.3 times for peers already reflects its less risky model (limited bank exposure) and growth potential. [Estimated 1Q09 EPS is 56 cents, versus actual 72 cents for 4Q08]. Maintaining Market Perform rating and 43 target. Market cap: $1.2 billion.

Hold - Price 12.16 on March 24 by Wedbush Morgan [Taleo programs increase process efficiency and improve hire-quality.] After an undesirable opinion from the Office of the Chief Accountant of the Securities and Exchange Commission, Taleo will restate its financials to correct the timing of recognition for consulting-services revenue, resulting in net deferral of $18 million of services revenue, versus the $3 million management originally wanted. Taleo expects to complete the...restatements and become current with their delinquent 2008 SEC filings by April 30...Maintaining Hold, but raising target to 11. Market cap: $420 million.