Positive - Price 13.08 on April 6 by Susquehanna Financial Group AEO [is being] proactive in [its] efforts to drive shopper conversion and traffic...such as buy-one, get-one-50%-off shorts and scarves and tops -- precisely what shoppers are gravitating toward...AEO has broadly increased hard markdowns, reflective of the challenging environment and higher inventory levels....Management estimated that the later Easter holiday will have a negative March-comp [comparative-store sales] drag of roughly 500 basis points. AEO guided 1Q09 earnings per share to [a range of] 4 cents to 7 cents. Our forecast is 5 cents (versus 21 cents), a year-over-year decline of 76%. Market cap: $2.5 billion.

Buy - Price 10.46 on April 7 by Singular Research The most significant takeaway from BLX's Q4 report was the 20.8% reduction in the average-loans balance from Q3...BLX continues to play defense, with capital preservation of utmost importance. The unfortunate near-term downside to this is a reduced credit portfolio, which leads to reduced net-interest income and earnings. We are maintaining Buy...but reducing our target to 15, or 10.6 times our [fiscal-year] '09 estimated EPS of $1.41...Higher credit defaults would have a negative impact on earnings. BLX has a large exposure to Brazil. Market cap: $287 million.

Buy - Price 47.74 on April 7 by McAdams Wright Ragen Our 50 target is based on 18 times our FY10-E of $2.75 per share. We should note, however, that this multiple represents a discount to the historic norm of about 20 times to 22 times earnings, and when the economic environment improves and earnings growth reaccelerates, we would expect COST's earnings multiple to expand. Investment risks include: uncertainty created by the shaky economic environment; and the competitive environment and degree to which continued markdowns impact COST's margins. Also, further strengthening of the U.S. dollar relative to foreign currencies will negatively impact sales and earnings. Market cap: $17.3 billion.

Buy - Price 4.78 on April 7 by Morgan Joseph The Monsters vs. Aliens movie had the largest 3-D opening -- at $5.1 million, 9% of total box on less than 2% of screens....While we are reducing our near-term estimates, we continue to believe the company is on track to expand [earnings before interest, taxes, depreciation and amortization] toward $100 million, and thus, we maintain our Buy rating. In addition to ongoing market expansion, IMAX's heavy artillery (Star Trek, May 8; Transformers, June 24; Harry Potter, July 17) of movie titles remains intact, with expected favorable sales and market exposure likely to follow. Market cap: $209 million.

Outperform - Price 35.09 on April 6 by Cowen & Co. [CHKP $22.71]We view the [[CHKP $22.71]computer-security space[/CHKP $22.71]] as more sheltered from ongoing macro-economic pressures [than personal-computer sales]....MFE shares outperformed security peers in March, and we believe hold 15% upside potential versus the market over 12 months...Inputs suggest McAfee is...seeing healthy big-deal activity, even in a seasonally soft [period]...We believe investors underestimate the benefit seen by the consumer-security market from the Conficker worm [threat]....[which may be] one-time. Yet the induced spike in sales helps prove the value proposition of [security] products. [/CHKP $22.71]EPS: 2008, $2.01; 2009-E, $2.23. Market cap $5.5 billion.

Outperform - Price 17.95 on April 7 by Baird Securities PCS is currently trading at 7.4 times our 2009 adjusted E-Ebitda and 6.2 times 2010. (versus Leap Wireless International... trading at 7.8 times and 5.5 times our '09, '10 estimates). Our 21 target is based on 7 times our 2010 adjusted Ebitda estimate -- which we believe is fair relative to historical levels and expected growth, particularly relative to the rest of the industry. Market cap: $6.5 billion.

Buy - Price 8.01 on March 7 by Roth Capital Partners [Reduced] hospital spending continues to plague Natus [which specializes in newborn-care products and] has reduced its 1Q09 outlook. Total revenue is now expected to be in the range of $32.5 million to $33.5 million, below prior guidance of $37 to $38 million -- [off] roughly 12%...Earnings are also taking a hit, with GAAP-EPS now anticipated in the range of 1 cents to 2 cents, down from previous guidance of 6 cents to 8 cents, and reflecting a 5-to-6-cent miss. Management indicated that several large capital-equipment orders did not ship in 1Q, but believes these have been pushed out to later in the year....We maintain our Buy, [but] have lowered our target to 10.50, from 12.50, to reflect our reduced outlook in a challenging hospital-spending environment. Market cap: $224 million.

Neutral - Price 12.84 on April 7 by Merriman Curhan & Ford We expect an in-line or better-than-expected 1Q09. In March, average daily options volume for the industry was up 17% month-over-month and 12% y/o/y. Our estimates for optionsXpress assumed a 5% m/o/m increase; hence, we could see modest upside to our assumptions.... OPXS' peers [also report] that, during March, new account additions were very strong, order size increased m/o/m (good for average revenue per trade), and institutional trading was strong -- [good for] optionsXpress' Open E-Cry business. OXPS is trading at an inexpensive [enterprise value/free-cash-flow ratio] (FY09-E) of 5.5 times, although FCF is seen declining 30% in FY09, to $100 million ($1.70 a share). OXPS has $204 million in cash ($3.42/share) and no debt. Market cap: $767 million.