Underweight - Price 17.45 on June 3 by JPMorgan Our rating reflects caution on ASCA's 1) ongoing competitive pressures...notably on: Ameristar East Chicago, Ind., [near] Harrah's Hammond property; 2) our expectations of continued soft gaming spending in most markets; 3) premium [enterprise value/earnings before interest, taxes, depreciation and amortization] valuation compared with historical average; 4) a lack of identifiable near-term positive catalysts; and 5) below-historical [returns on invested capital]. As such, over the next six to 12 months we expect ASCA to underperform our coverage universe; 52-week high/low: 38/15.29. Market cap: $1 billion.

Buy - Price 13.75 on June 3 by CRT Capital Group Target: 15. Continuing restructuring [in] the China telecommunications industry, driven by the government...and the Summer Olympics [are among positive catalysts we see for ASIA]. Based on '09 estimates, ASIA's shares trade at a multiple of 19.6 times, a premium versus 16.8 times forward multiple of its four-company peer group. [That] premium moves closer to parity when the...outlier in the peer group -- Jingwei International, at 6.9 times -- is excluded; then the three-company subset has a 19.5 times average forward multiple. We believe these valuation multiples are warranted given the... growth prospects in [many segments of ASIA's business]. Market cap: $624 million.

Buy - Price 72.61 on June 3 by Singular Research Graham designs and builds vacuum and heat-transfer equipment for process industries worldwide. Revenues [were] $22.8 million in Q408, up 9.3% from $20.8 million in Q407. [Fiscal-year] '08 revenues of $86.4 million were up 31.3%....Operating profit in Q408 was 24.7% [versus] 14.3% in Q407, and above our estimate of 18.2%. We...expect to make upward revisions to our forecasts [after] GHM files its 10K. Market cap: $360 million.

Sector Perform - Price 46.12 on June 3 by Pacific Crest Shares are trading at 18.5 times consensus F2009 EPS estimate, a significant premium over the group average of 16.4 times; given concerns over margin disappointment, we see limited upside to the stock. While we expect KLC to maintain its dominance in the process-control segment, [where we see] compound annual growth of 12% through 2012 -- versus 8% for wafer-fab equipment in general -- we see virtually no upside to the stock. Market cap: $8.33 billion.

Market Outperform - Price 32.01 on June 3 by JMP Securities CEO Bill Marriott [recently] stated that while international business trends remain strong...U.S. demand has weakened, with midweek business now beginning to soften. He [said] he "would be surprised" if North American demand trends improved in the second half of the year. According Smith Travel Research, RevPAR [revenue per available room] growth for the current calendar quarter is an estimated 2.7%....For 2Q08, we're lowering our North America growth estimate from 4% to 2%, and lowering EPS estimate from 50 cents to 48 cents....Based on our new estimates, Marriott shares are currently trading at 2008 EV/Ebitda and P/E multiples of 9.4 times and 16.3 times, respectively, in line with industry averages, 9.4 times/17 times. Our new target [lowered to 48] assumes '09 P/E multiple of 20 times, in line with historical averages. Market cap: $11.1 billion.

Buy - Price 53 on June 4 by Hilliard Lyons Reiterating Buy. We believe that [the largest U.S. producer of paints and coatings] could make acquisitions and add units...on signs of a bottom in housing. Consequently, we...[see] a buying opportunity. Revenue for '08 could be slightly below the $8 billion level of 2007, even with...sales from recent acquisitions. Due to margin pressure, we now project earnings of $3.95 a share from $4.78 in 2007, excluding nonrecurring items, and well below our previous E$4.85.Our 65 target is based on a P/E of 16, within SHW's historic range, applied to our revised '08 EPS estimate...a depressed figure. Market cap: $6.4 billion.

Buy - Price 57.92 on June 4 by Jefferies & Co. The underlying strength of TROW's suite of investment products continues to drive above-average organic growth and justifies [its] premium valuation....Our target of 67 is based upon 22.5 times our 2009 EPS estimate of $2.95. This represents a premium to peers, which we believe is justified given TROW's superior return metrics, absence of leverage and stable earnings growth. Risks...include prolonged market weakness and poor relative fund performance. Market cap: $15 billion.