Hold - Price 29.37 on April 21 by Standard & Poor's Equity Research Lowering to Hold from Strong Buy. First-quarter earnings per share of 39 cents before one-time items, compared with $1.45, beats our forecast by 19 cents, but CAT lowers '09 revenue and EPS guidance to reflect weaker-than-expected global economy. Revenues fell 22%, with construction-machinery sales particularly weak....CAT plans to contribute $1 billion to pension plans....We're cutting our '09 EPS estimate by $1.80, to $1.60...and our target by $13, to 32, 20 times '09 estimate. Market cap: $18.8 billion.

Neutral - Price 17.63 on April 21 by Sterne, Agee & Leach March-Q EPS of 32 cents [beat] First Call consensus of 31 cents. Reported results exclude impact of a 2-cent-per-share loss associated with closed pay-day loan (PDL) stores, as well as an 8-cent gain associated with collected AutoMaster receivables. Total revenue was up 7% during the quarter over year-ago levels, [although] growth was dampened by lower levels of PDL revenue in the U.S., and lower reported revenue growth in Mexico tied to the peso's decline. Results benefited from...higher margins (41%) on disposition of jewelry as scrap. FCFS [will close] up to 30 [U.S.] pay-day loan stores. We're increasing our '09 EPS estimate from $1.35 to $1.38. Market cap: $516 million.

Focus List - Price 14.70 on April 21 by McAdams Ragen Wright Maintaining 30 target. Forward Air reported adjusted 1Q earnings of 4 cents a share, versus 35 cents a year ago. Revenues declined 10.5%, to $96.6 million. The company experienced a 22% drop in tonnage, plus aggressive pricing competition ... there are no immediate signs of improvement. The 2Q [EPS] outlook is between 6 cents and 12 cents...[which is] below consensus. FWRD's balance sheet is strengthening and the company remains free-cash-flow positive. We're lowering our '09 earnings estimate from $1.05 to 50 cents. Our '10 estimate is $1....An economic upturn [is needed for ]shares to achieve a sustainable advance. At less than 1 times revenues and 9.4 times established peak earnings, we feel that investors can add FWRD to accounts. Market cap: $427 million.

Outperform - Price 17.49 on April 21 by Baird Securities There could be some upside to our fiscal 2009 earnings estimate of 5 cents. The March quarter was cash-flow-positive for the first time in six months [...with more than] $2 billion in excess liquidity intramonth. Outstanding commercial paper at quarter's-end was about $400 million, with no borrowings on [revolving credit]. Return to profitability [is expected] in the June quarter. The automotive business is expected to have operating losses of less than $50 million, with break-even reached in the September quarter. Market cap: $9.6 billion.

Outperform - Price 18.82 on April 21 by Pacific Crest Target: 22. We [are] encouraged by Oracle's intention to discontinue operation of Sun's hardware business as previously run. Oracle intends to look at the segments of the server business in which it can leverage its software products. As such, we expect Oracle to deliver more Sun-based appliances....Operating margins are likely to drop to mid-30% levels, but we believe there are multiple methods by which Oracle can add 15 cents to the fiscal '10 consensus estimate of $1.49. [The sun acquisition will let] Oracle build out its data-center offering and make itself ... more competitive with Microsoft, EMC, IBM, Hewlett-Packard and Cisco. Market cap: $96.4 billion.

Buy - Price 49.86 on April 21 by Janney Capital Markets Our 58 fair value is...derived from a sum-of-parts analysis based on modest premium multiples: Beverages, 10.5 times [enterprise value/earnings before interest, taxes, depreciation and amortization]; foods, 10 times; and international, 10 times. Pepsi's superb market shares, footprint, and execution track record deserve a premium valuation to its peers. Very large, high-margin, predictable categories underpin PEP's earnings trajectory and reduce volatility....Its massive direct-store-delivery system ...reduces costs for all retailers and gives Pepsi control of its product from manufacturing to purchase. PepsiCo announced its offer to acquire its two anchor bottlers (Pepsi Bottling and PepsiAmericas) for $6 billion (50% equity/50% cash). We view Pepsico's proposed purchase as a long-overdue solution to both the problem of increased volatility and complexity in the beverage business that started in the late 1990s with declines in per-capita consumption of carbonated soft drinks. We think...it will be accretive and will enhance PEP's competitive advantage. Market cap: $77.6 billion.