Market Outperform - Price 49.60 on May 21 by JMP Securities Target: 55. RATE is down 6.5% since announcing impressive 1Q08 results May 1. We believe this [is because] despite 1Q08 outperformance, management did not raise guidance, or discuss organic growth....We believe investor fears are overdone...demand for advertising on Bankrate remains robust, despite the difficult environment...as acquisitions scale, margin expansion should come from both top-line growth and expense optimization. Bankrate currently trades at 13.8 times our 2008 adjusted Ebitda [earnings before interest, taxes, depreciation and amortization] estimate of $65.6 million. Market cap: $910 million.

Market Perform - Price 12.13 on May 20 by Sturdivant & Co. 1Q top and bottom lines for this computer-network-infrastructure product maker beat our estimates. [Yet we predict] margin pressure, on unfavorable commodity prices and manufacturing overhead...[so] we've adjusted our '08 and '09 non-GAAP estimates to [a loss of] 2 cents in '08 and [earnings of] 38 cents in '09. [With] '09 estimate reflect[ing] more "normalized" results, we're applying a 30 times price/earnings multiple to our '09 non-GAAP diluted E-EPS [to get] a target of 12. Downgraded from Market Outperform. Market cap: $445 million.

Hold - Price 10.50 on May 19 by Jefferies & Co. We expect credit performance to work against this externally managed commercial-mortgage real-estate investment trust over the next 12 months. While we acknowledge NCT's economic-book-value discount, we believe current credit risks outweigh likelihood of near-term multiple expansion. We're reducing our target to 10 based on a 14% yield applied to our '09 dividend forecast of $1.40. Market cap: $554 million.

Outperform - Price 19.69 on May 20 by Fox-Pitt Kelton Cochran Caronia Waller NYB priced 15.54 million shares (with an additional 2.33 million over allotment option) at ... $19.35/share. Assuming the entire overallotment, we estimate net proceeds to NYB of about $342 million and about 5% ownership dilution. NYB expects to refinance about $4 billion in wholesale borrowings at about 200 basis points in savings and use the newly issued capital to offset prepayment penalty....Our new 2008E EPS is $1.07, versus $1; our new 2009E EPS is $1.30, versus $1.20. Increasing target to 21 from 20 (16.2 times our 2009E). Market cap: $6.4 billion.

Outperform - Price 47.35 on May 19 by First Global Robust growth in 3G wireless-handset markets continues...New emerging markets like India offer good growth opportunities...[amid affordable] new-product launches. Major agreements for Firethorn financial-mobility solutions, and MediaFLO USA [should] further strengthen long-term growth prospects...the legal conflicts appear to be heading toward resolution ....EPS for 2007 is $2.01; '08E is 2.11 and '09E is 2.36. Estimated P/E for '08, '09: 19.3 times, 17.3 times. Market cap: $75.92 billion.

Outperform - Price 51.91 on May 21 by Friedman Billings Ramsey We continue to believe SHPGY is unique among branded specialty-pharma companies with limited generic exposure following the erosion of Adderall XR in 2009. Shares are trading at 17 times the 2009 Street EPS estimate of $3.12. This translates into a P/E-to-growth rate of 0.9 times, with an estimated EPS CAGR [compound annual growth rate] of 18% for 2009-'13 (the group trades nearer 1.5). Maintaining Outperform, 75 target. Market cap: $9.6 billion.

Buy - Price 5.75 on May 21 by Sandler O'Neill Upgrading from Hold...primarily on valuation...[yet to] reflect a more aggressive assumption for credit costs over the next several quarters...we are lowering our '08 EPS estimate by 38 cents (from a loss per share of 27 cents to a loss of 65 cents)...and now [foresee] $350 million of credit costs over the next seven quarters [versus] prior $240 million. Target: 7.25. Market cap: $417 million.

Outperform - Price 18 on May 20 by Raymond James WMZ capitalizes on very favorable natural-gas supply/demand....[With] stable, long-term cash flow, potential for both organic and inorganic growth, and financial flexibility, [it should] achieve three-year (2008-'11) distribution CAGR around 8%. Our 22 target is based on our dividend-discount-model valuation methodology. Market cap: $605 million.