Outperform/Speculative - Price 24.50 on March 31 by Morgan Keegan Upgrading from Market Perform....The shares trade at 18.9 times our '08 EPS and seven times [enterprise value/'08 earnings before interest, taxes, depreciation and amortization], in line with peers. BWLD reports Q1 on April 29. We project 16% [earnings-per-share] growth to 36 cents, ex[cluding] 2 cents of impairment charges...driven by 22% revenue growth...results may appear choppy, [but] given strong operating momentum, recent declines in wing prices and increased marketing, we have increased confidence in our [fiscal-year] '08 EPS of $1.30, up 18%. Market cap: $434 million.

Buy - Price 2.03 on March 31 by Think Equity The lead investigator for Phase II trials has presented positive data on metastatic neuroendocrine liver tumors treated with the Delcath system and Melphalan....4Q cash burn was modest...DCTH ended the year with $17.8 million in cash+equivalents. We think it has ample funding to finish [trial]....We're using an admittedly distant EPS estimate for 2015 of $1.33...because we think it best reflects the growth and profitability potential. Using 22 times forward EPS and 30% discount rate to reflect risk [results in] 5 target. Market cap: $51 million.

Strong Buy - Price 16.65 on March 31 by Raymond James InterOil reported a 4Q07 net loss of $2.7 million/a 9-cent loss per diluted share, [versus] our estimate of a loss of 23 cents. This was easily InterOil's smallest quarterly loss in the past two years, and the full-year 2007 loss of $1.10 per share (on an operating basis) narrowed considerably from $1.48 a share [loss] in 2006. Despite volatility in global-refining margins, especially the Singapore market, the refinery delivered record Ebitda of $9.6 million in 4Q07, reflecting reduced fuel and operating costs, along with improved export margins....Our 65 target is based on our conservatively risked [net-asset-value] estimate of 64.40. Market cap: $516 million.

Peer Perform - Price 73.64 on March 31 by Bear Stearns [Due to] eroding Las Vegas Strip room rates, weakening total [revenue-per-available-room] performance, a soft macro environment, ensuing negative operating leverage in '08 across the portfolio and more modest '09 and '10 growth estimates....We project 1Q08 adjusted EPS and Ebitda after...expense[s] of 32 cents and $307 (versus 39 cents/$340). We project '08 adjusted EPS and Ebitda after...expense of $1.33 and $1,305, down from $1.65 and $1,437, respectively....The announcement of CFO Rob Rozek's resignation [May 31] shouldn't have a negative impact. Market cap: $26 billion.

Hold - Price 9.84 on April 1 by Jefferies & Co. Noven had preannounced 4Q, but the stock still fell [about] 14% [Monday]; '08 guidance pointing to EPS below consensus and lack of pipeline progress contributed....Noven rel[ies] heavily on the hormone-therapy franchise to remain profitable....NOVN is not cheap even [now]. Lowering target to 11. Market cap: $244 million.

Buy - Price 14.79 on March 31 by Cantor Fitzgerald [Seaborne-tanker firm] ONAV said it had restructured its senior-debt facility into a nonamortizing structure, and entered a new junior-debt facility....We now expect 2008 EPS of $1.32 (from $1.01) and 2009 EPS of $1.21 (from 86 cents). We maintain '08 and '09 Ebitda estimates of $53 million and $51 million, respectively....ONAV stock trad[es] at a 13.5% current yield, supported by ONAV's 100% charter coverage for '08/63% for '09....Target: 23. Market cap: $224 million.

Buy - Price 29.67 on April 1 by Kevin Dann & Partners O'Reilly [will] acquire CSK Auto in a cash and stock deal worth about $1 billion ...creat[ing] the third-largest U.S. auto-parts retailer...the deal would also put the newly combined firm in striking distance of passing Advance Auto Parts...O'Reilly anticipates $100 million in savings beginning in 2010....The merger may be somewhat accretive to FY2009 earnings. Target: 44, from 39. Market cap: $3.4 billion.

Outperform - Price 18.59 on April 1 by Pacific Crest SAIC, a diversified science and technology-services contractor to the U.S. government, trades at a 5% discount to its closest peer, L-3 Communications, despite a higher EPS and Ebitda growth profile. Our [discounted cash flow] analysis suggests a fair value of 27. Target: 24. Market cap: $3.4 billion.