Buy - Price C$45.87 on March 31 by Dundee Capital Markets Continue to Buy Agrium [which produces and markets agricultural nutrients, industrial products, and specialty products]. We forecast that Agrium's takeover of CF Industries [a fertilizer maker] is accretive in 2010 and beyond and a strong strategic fit; [the combo] would bolster Agrium's share price over the medium and longer term. If this transaction does not come to fruition, we still see significant upside to Agrium's price....Our target of C$61 is based on a blended multiple (using a target price/earnings ratio of 4, and enterprise value/earnings before interest, taxes, depreciation and amortization) of four times...on our 2010 estimates, representing a discount of 10% to our [net-asset-value] valuation of C$67.20/share (C$1 is U.S. 80 cents). Market cap: C$7.4 billion.

Neutral - Price 31.37 on April 1 by Sterne, Agee & Leach [Our] 37 target on this retailer is based on 11 times our FY10 adjusted EPS estimate plus a projected $8 in cash next year. We believe that BKE continues to comp well, despite the Easter shift (from March in '08 to April in '09), and think the recent First Call consensus estimate of 13.5% for March comps (versus 20.9% last year) is reasonable. We note very difficult upcoming comparisons, especially in April/May against 34% and 34.7%, respectively. Market cap: $1.5 billion.

Buy - Price 26.40 on April 1 by Jesup & Lamont Ensco announced a delayed startup on Ensco 8500 [deepwater-drilling unit]...due to crane replacement; Ensco's fleet includes 51 drilling units. We are lowering our '09E-earnings to 6.50 from 6.60 per share...an earnings multiple of 8 times our new '10E- earnings of $5.50 a share yields a target of 44. With the stock at 26.40, or 4.1 times current '09 earnings, the upside potential justifies our Buy rating. Market cap: $3.7 billion.

Outperform - Price 18.20 on March 31 by Baird Securities FIS announced it has agreed to acquire Metavante (MV) in an all-stock transaction. MV shareholders will receive 1.35 shares of FIS stock for each share of MV, implying a current per-share value of about 24.50. The deal price reflects about 8.5 times MV's '09E-Ebitda (FIS is currently trading around 6.8 times '09E-Ebitda). The deal is expected to close in 3Q09. The deal is expected to generate $260 million in annual cost synergies....The combined balance sheet will have about $3.8 billion of debt and about $0.5 billion of cash. This reflects 2.8 times debt to our combined '09E-Ebitda estimates before synergies....Thomas H. Lee and Fidelity National Financial will also receive additional...shares in the [new] company, resulting in total outstanding pro-forma shares of 374 million in the combo....Warburg will be an 11% owner. Market cap: $3.5 billion.

Hold - Price 2.92 on April 1 by Sandler O'Neill Target: 3. We expect FITB to report 1Q09 [earnings per share] of minus 15 cents -- better than 4Q08's minus $3.82 (which included a sizable goodwill impairment charge and...high credit costs). The consensus estimate is minus 27 cents. We are making no changes to our EPS estimates...we lowered [them] just days ago [after FITB said] it would sell a majority stake in its processing subsidiary; we lowered our 2009E EPS from minus five cents to minus 40 cents. We also lowered our 2010E-EPS from 50 cents to seven cents. The biggest stock-price drivers...for FITB will be credit and capital. Management has allayed some capital concerns with the processing-sale announcement. Market cap: $1.75 billion.

Hold - Price 6.80 on April 1 by Roth Capital Partners Digital-production company Giant [creates interactive content for DVD, HD-DVD, Blu-ray, iPod Video, mobile and many other forms of new media]. We believe the shares are fairly valued...[at] 11.3 times and 9.7 times our fiscal-year '09 and FY10E-EPS, respectively. We apply a 10 times multiple to our FY09 EPS estimate of 60 cents to arrive at our 6 price target. We note 10 times is a discount to the historical forward P/E multiple, but in line with the comparable group. Market cap: $1.5 billion.

Market Outperform - Price 348.06 on April 1 by JMP Securities Music searches on Google's China site will provide free access to licensed music from over 140 labels. Google will not directly generate revenues...but hopes to draw users to its search engine....Music is the No. 1 online activity for online consumers in China and, until now, Google's policy of prohibiting access to pirated music was a competitive disadvantage versus Baidu...which has a 63% share versus 28% for Google. Google trades at nine times our '09 adjusted Ebitda estimate of $10.4 billion, versus the online-marketing space's 6.3 times; our 400 target implies a 10.5 multiple, which we believe is justified due to GOOG's leadership in online ads. Market cap: $106 billion.

Market Outperform - Price 348.06 on April 1 by JMP Securities Music searches on Google's China site will provide free access to licensed music from over 140 labels. Google will not directly generate revenues...but hopes to draw users to its search engine....Music is the No. 1 online activity for online consumers in China and, until now, Google's policy of prohibiting access to pirated music was a competitive disadvantage versus Baidu...which has a 63% share versus 28% for Google. Google trades at nine times our '09 adjusted Ebitda estimate of $10.4 billion, versus the online-marketing space's 6.3 times; our 400 target implies a 10.5 multiple, which we believe is justified due to GOOG's leadership in online ads. Market cap: $106 billion.