Buy - Price 23.52 on July 14 by Wunderlich Securities We're raising our '09 earnings-per-share estimate by four cents, to $2.16. We are also raising our 2010E-EPS by a penny, to $2.25...OZRK posted a solid [second] quarter ...[earning 56 cents a share]; results again exceeded consensus expectations by a comfortable margin. During 2Q, Ozarks harvested securities gains [for more reserve-] building, a luxury not many other banks possess. With short interest of about 30%, the bear case on Ozarks is predicated on the belief that credit quality will deteriorate significantly in the near term. However, there's no evidence of such a near-term deterioration in the company's Q209 results. ...Excluding previously disclosed loan issues related to legal proceedings, core asset quality at Ozarks improved sequentially, despite the difficult economic environment that persisted in the second quarter. Shares of OZRK trade at 1.6 times tangible book value a share, a premium to the median for Southern [Troubled Asset Relief Program] recipients. Our 28 target approximates 1.8 times 2009 projected TBV/share, in line with Southern non-TARP banks' median, reflecting our belief that OZRK could successfully redeem TARP shares within six to 12 months. Market cap: $397 million.

Buy - Price 5.90 on July 14 by Sandler O'Neill Our 7 target implies a 20 times multiple to our 2010 estimate [for this independent investment bank that serves the institutional investor], near the upper range of what we believe to be a normalized multiple for BPSG's peer group of SMID [small-/mid-cap] investment banks. But we also believe BPSG's growth outlook is in the top tier of its peers, while its business is more balanced than many peers', given a strong focus on fixed-income businesses...We expect that BPSG will be profitable for its third consecutive quarter. We are increasing our 2Q09E-EPS to six cents, from five cents, driven by slightly higher fixed-income revenue estimates. ...Although BPSG commits capital to facilitate client trading, the firm continually turns over this inventory and actively manages its interest-rate risk....We expect equity commissions will be up slightly...[and] a 2% sequential increase in BPSG's commission levels, to $5 million, driven by a modest increase in industrywide equity volumes, coupled with improving valuations. BPSG acquired AmTech on Oct. 2, 2008; this will represent the firm's third quarter with contributions from the AmTech group. Market cap: $464 million.

Outperform - Price 47 on July 14 by Baird Securities Target: 60. Fluor is one of the world's largest engineering, procurement, construction and management companies, at No. 2 among U.S. contracting firms and No. 4 in design, [says] the Engineering News-Record. It is also a leading contractor [in its] primary end-markets, including No.1 in industrial processes and No. 3 in power. Fluor specializes in large-scale, multibillion-dollar megaprojects, providing design, engineering, construction, and management services for complex and capital-intensive ventures, often located in challenging geographies and environments. ...Fluor's consolidated revenue has grown at a 12.1% [compound annual growth rate] since 2001, supported by strong fundamentals across each of its businesses, including oil and gas, 29.8% CAGR; global services, 15.4% CAGR; power, 14.9% CAGR; government, 14.4% CAGR; and industrial and infrastructure, 9.2% CAGR. Fluor's revenue growth has been supported by healthy backlog growth. Historically, approximately 50% of Fluor's backlog is converted to revenue within 12 months. Market cap: $8.4 billion.

Buy - Price 6.37 on July 14 by Merriman Curhan Ford Halozyme announced initiation of a Phase II trial for Type II diabetics [which] will complement the ongoing Phase II trial in Type 1 diabetics using Lispro and Humulin, along with rHuPH20...all three drugs will be titrated in the Type 2 Phase II, as opposed to remaining static in dose. The reason for independent drug titration is to...study glycemic control under optimal conditions [and to try] to replicate real-world behavior [in] insulin activity. We remain bullish on the Halozyme story...the insulin program is key to our Buy rating, given that Halozyme owns all rights to the program and therefore will garner greater economics on any deal [or] eventual marketing. ...The larger part of Halozyme's business is royalty-generation. HALO has deals with Roche and Baxter, which would provide future milestone payments and royalties. ...We believe HALO shares are undervalued now...[and] should trade in a range of 10 to 13, based upon a 25 times multiple on our [fiscal-year] '14E-EPS of $1.40, discounted back by 35%. Market cap: $528.4 million.

Hold - Price 28.56 on July 14 by Standard & Poor's Equity Research Downgraded from Buy. The Defense Department [will award] UnitedHealth the managed-care contract for Tricare in the South as of April 1, 2010. We find the move unexpected, as HUM [has] participated in Tricare since '96. HUM plans to evaluate its options and could protest the award...[but we] think it will seek ways to compensate for [that] $3.73 billion contract. [With new assumptions, we're cutting] our '10 EPS estimate by 60 cents, to $5.25, and our target price by $3, to $32. Market cap: $4.84 billion.

Underweight - Price 11.17 on July 15 by Barclays Capital JNS beat estimates for 2Q earnings in its preannouncement, posting 10 cents, versus...a 7-cent Street consensus. The beat came from a welcome improvement in [assets-under-management] yield, [due to] a higher mix of international AUM....While JNS could be in a state of flux until a permanent chief executive officer is announced, we [expect] improved morale...as prospects for asset managers...improve....JNS shares are trading at 22 times our '10E-EPS of 51 cents, slightly above the mid-point of their historical trading range on current-year forward estimates. We believe JNS is already discounting 2010 earnings. Market cap: $1.8 billion.

Market Outperform - Price 15.05 on July 14 by JMP Securities PetMed Express will report FY1Q10 results on July 20, before the market opens. We believe upside exists to our EPS estimate of 31 cents, which is in line with consensus. We project net sales of $77 million, or 12% growth year over year, with new-order sales growth of 11.5%, to $24.7 million, and reorder-sales growth of 13%, to $52.2 million. With the pullback in PETS shares, we find valuation very attractive; shares are trading at 6.7 times our [calendar-year]'10 EV/Ebitda [enterprise value/earnings before interest, taxes, depreciation and amortization]...a discount to the peer average of 10.7 times. Our 20.50 price target implies an EV/Ebitda multiple of roughly 11 times. Market cap: $343 million.

Buy - Price 8.10 on July 14 by MKM Partners We would recommend that investors take advantage of the weakness in the shares of TTWO, as our expectation for significant EPS growth in FY10 and FY11 remains intact, and [the recent] reduced FY09 outlook does not have a meaningful impact on our core thesis. The delay of the Bioshock 2 [electronic game] until FY10 is very disappointing...[yet] this title, with sequel games Mafia II, Max Payne 3 and Red Dead Redemption, provides a compelling lineup, which we see as capable of generating $1 in EPS in a year...[Risks include] the soft retail market. We're maintaining an 11 target, based on an 11 times multiple off of our upwardly revised EPS for FY10, now at $1 -- [up from] 96 cents. Market cap: $629.2 million.