Outperform - Price 40.05 on May 13 by Cowen & Co. Upgrading to Outperform from Neutral. Although we still find very little to like about the Pliva acquisition, we believe most of the integration risk has now passed and Barr is about to enter what could be an exceedingly strong new U.S. product cycle....We believe that BRL shares are now undervalued....The opportunities are: (1) launch of Yasmin; (2) the Adderall XR launch in April '09; and (3) potential settlements and/or launches of Yaz, Ortho-Tricyclen Lo, Mirapex and Allegra D....BRL trades at a slight discount to group average, and we believe we are factoring a conservative case. EPS estimates: 2008, $2.90; 2009, $3.50. Market cap: $4.4 billion.

Buy - Price 12.75 on May 13 by McAdams Wright Ragen Clearwire's 1Q08 revenues were $51.5 million (up 76% year-over-year), versus our $49 million estimate; net subscribers numbered 443,000, versus our 422,000 forecast. However, cash Ebitda [earnings before interest, taxes, depreciation and amortization] loss of $81.2 million was worse than our $70.4 million estimate. Continuing [expense] associated with new markets impacted gross margins....Clearwire says it expects to cover 60-80 million POPs [points of presence] by '09 end, 120-140 million by '10. Clearwire would also reimburse Sprint about $425 million for Sprint's network-build efforts in '08....Target: 20. Market cap: $2.1 billion.

Buy - Price 17.89 on May 12 by Jefferies & Co. CCOI posted a disappointing Q1, punctuated by slower-than-expected growth of on-net revenues and Internet traffic. Still, strong operating leverage yielded in-line Ebitda, and we believe the emerging [free-cash-flow] story remains intact. Management maintained guidance, which now implies a big first-half '08 ramp. Target reduced to 25. Market cap: $870 million.

Hold - Price 2 on May 13 by Sterne Agee Raised rating from Sell. Rodman's 1Q08 operating loss was 10 cents, versus our Street low estimate of a penny loss. While earnings lumpiness might still plague this young company, RODM has a fundamentally well-run franchise in a defined niche [as]...investment-banker to the capital-intensive biotechnology sector....It has exhibited better control over expenses amid declining revenues than larger peers....Our target of 2 [uses] a 0.8 times price-to-tangible book discount to estimated book value of $1.78. Our new '08 operating estimate is a loss of six cents, down from a loss of 4 cents, taking into account the quarter's miss [but] better revenue growth and expense control over next three quarters. Our new '09 estimate is [a positive] six cents. Market cap: $70 million.

Buy - Price 37.57 on May 13 by FTN Midwest SAFT matched our GAAP EPS of $1.18 but beat consensus by three cents....Net premiums declined, due to state-mandated reductions on auto premiums. Investment income increased to $12 million (up 4% year over year) due to higher average invested assets, with no subprime or Alt-A exposure. The 1Q08 loss ratio was 63.6%....Ex-favorable loss development, 1Q08 loss ratio increased to 69.7%, versus 66.4% in 1Q07....We're modeling a 65% loss ratio for '08, which includes 6% favorable loss reserve development. Market cap: $606 million.

Neutral - Price 32.83 on May 13 by Baird Securities Upgrading to Neutral; raising target to 33. We now have increased confidence in [this maker of commercial and residential water heaters'] ability to realize significant price increases and achieve incremental savings, the combination of which should limit raw-materials impact...At just 7 times 2008 Ebitda, the stock is...trading below its historical average, 8 times....likely a near-trough valuation....AOS trades at approximately 0.7 times book value and 1.3 times trailing-12-month sales, discounts of 18% and 24%, respectively, to historical average multiples. Market cap: $991 million.

Sell - Price 31.64 on May 13 by Zachs Research 1Q08 results were lower than expected, including higher operating expenses, weak cash flow and a considerable net loss. The competitive environment for the Brazilian wireless sector remains a problem, and [helps explain why TSU hasn't been able] to translate competitive advantage into profits. A less benign monetary policy in Brazil [also weighs]. P/E, using '08 estimates, is 48.7 times. Six-month target: 28. Market cap: $7.3 billion.