Sell - Price 12.28 on March 24 by Sandler O'Neill [In] an amended merger agreement...BSC shareholders will receive 0.21753 shares of JPM stock (up from 0.05473)...an implied price of about $10 (up from $2.51) a share... We're raising our target to 10, and downgrading BSC shares from Hold to Sell. While the ultimate take-out price will fluctuate with JPM's share price, the currently implied 19% premium seems extreme, given the deal terms. Market cap: $1.4 billion.

Neutral - Price 44.50 on March 25 by Hilliard Lyons [In] an amended merger agreement...BSC shareholders will receive 0.21753 shares of JPM stock (up from 0.05473)...an implied price of about $10 (up from $2.51) a share... We're raising our target to 10, and downgrading BSC shares from Hold to Sell. While the ultimate take-out price will fluctuate with JPM's share price, the currently implied 19% premium seems extreme, given the deal terms. Market cap: $1.4 billion.

Strong Buy - Price 23.97 on March 24 by Buckingham Research Target, 34, reflects 17 times P/E [price/earnings ratio] on '08E EPS [estimated earnings per share] and 15% to 20% EPS growth trend (last three years have been 25%+, but we're allowing for some slowing and possible higher tax rate)...we [find] GLW to be stable, spending almost all of the past year +/-10% of current price. Market cap: $38.4 billion.

Buy - Price 1.02 on March 24 by UBS Securities Weaker outlook, but stock seems oversold. Liquidity concerns [for this real-estate investment trust seem] valid given macro environment, but likely overdone. Like other financial institutions that depend on repo financing, DFR has been forced to de-lever, given increasing margin calls....We believe that DFR has intrinsic worth between $2.50 and $5.50. We see low risk of bankruptcy as management has proactively obtained a one-year waiver on any broken debt covenants....Assuming no capital raise, our '08E core GAAP E-EPS is about 40 cents (down from $1.70). We expect '08 dividend to be cut to zero [because] maintenance of REIT status is unlikely. DFR will remain a high-risk story in '08. Market cap: $75 million.

Outperform - Price 3.15 on March 25 by Barrington Research The Justice Department...[OK'd merger with XM]...Federal Communications Commission must still approve...[it seems] likely the DOJ approval would set the tone. Also, Sirius and XM indicate they would incorporate an à-la-carte pricing option [if merged], providing something [FCC chief Martin wants]. Combined satellite-radio company [c]ould have roughly 30 million subscribers and revenue base approaching $4 billion by 2011. We'd expect the [combo to] be break-even to positive in all key earnings metrics by then....SIRI has maintained stronger subscriber momentum...in recent quarters...If merger closes, XM offers slightly greater upside. Market cap: $4.6 billion.

Avoid - Price 9 on March 25 by Garp Research [We feel] TiVo is a declining brand in a sector [that's] being commoditized. It has struggled to compete against a flood of [generic] set-top boxes from cable and satellite operators....We see high subscriber attrition as consumers convert to high-def. Management is cutting back on advertising and is not offering rebates for HD boxes, which cost $250 [but] can be leased/purchased for much less through [others...We] question the growth potential of TiVo's licensing agreements with Comcast and Cox....We're skeptical that TiVo can use its recent patent victory over Echostar as leverage to force deals with other providers. Market cap: $900 million.

Focus List - Price 36.12 on March 25 by McAdams Wright Ragen VZ currently offers a 4.8% dividend yield which [we find] attractive. Its dividend has increased by 11.7% since 2004. With operations and VZ's balance sheet in good shape, we see little risk to the dividend... Debt/total capital ratio is 38.1%, in-line with AT&T' 36%, but significantly better than Sprint's 50.1%. And on a debt/Ebitda [earnings before interest, taxes, depreciation and amortization] basis, Verizon is at 1 times 2007 Ebitda, [versus] 2.1 times for Sprint and 1.5 times for AT&T. Verizon's book value per share is $17.43....VZ has a strong profitability and cash-flow profile [and] currently trades at just 12 times our conservative 2010 EPS estimate of $3...The recent decline in VZ stock has pushed valuation levels lower, offering an attractive entry point for long-term investors, in our opinion. Market cap: $105 billion.