From Barron's 7-2-07: Buy - Price 7.74 on June 26 by Nollenberger Capital Partners "Initiating coverage with Buy rating and 12-month target of 12.80. We estimate the company can grow its revenue at a 40% compound annual rate through [decade's] end...with even greater growth off small base for earnings. Customers include Aqua America, American Water, California Water Services, Arizona-American Water, and American States Water. Basin's patented process [to bring contaminated groundwater to drinking-water standards] employs multiple beds controlled by a computer. The patent has 17 years to run. The process produces one-tenth the waste of a conventional ion-exchange plant. Although upfront cost of a Basin Water system is about 20% higher than competing [systems'], the cost over a 10-year contract is about 50% less. If new technology were to emerge, we believe it would take years of testing to secure regulatory approval. The company ended the 1Q07 with cash of $51.2 million/nearly $2.60 a share. We expect BWTR to be cash-neutral in '07 and generate free cash in '08."

From Barron's 7-2-07: Market Outperform - Price 16.58 on June 26 by JMP Securities "Initiating coverage with Market Outperform and 12-month target of 20, or 21% upside from current level. CommVault is a leading provider of storage software solutions, including flagship product Galaxy Backup and Recovery. We believe CommVault is well-positioned in the storage-software market, given its unique technical architecture, comprehensive data-management platform, upcoming product cycle and solid distribution relationships. We are introducing our fiscal-year '08 non-GAAP earnings-per- share estimate of 57 cents, one cent above consensus. We are introducing our FY09 non-GAAP EPS estimate of 72 cents, 2 cents above consensus. Our price target places CommVault at a calendar 2008 price-earnings multiple of 30 times, a premium to its peer group, but only a slight premium to its estimated earnings-growth rate of 29% from calendar-year '07 to CY08."

From Barron's 7-2-07: Neutral - Price 1.80 on June 26 by Taglich Brothers "Implant Sciences, headquartered in Wakefield, Mass., develops, acquires and commercializes ion-implantation and thin-film-coating technology with applications in medical devices, semiconductor manufacturing and trace-explosive detection. Maintaining Neutral: The explosives-detection business has significant longer-term upside potential, but until it shows more consistent revenue gains and product-development progress, IMX is unlikely to outperform the market in next 12 months...With release of benchtop-mounted Quantum Sniffer and detection portal for head-to-toe passenger screening, both still in development, explosive-detection systems revenue gains might accelerate. Citing intensifying competition, IMX sold its Accurel Int'l. semiconductor business for $12.5 million...[which] should improve liquidity, offset cash burn through FY08 and provide funding for expansion of explosives-detection...[but the sale] reduces annual revenue by $8.5 million and lowers gross margins three to five percentage points...operations are likely to remain unprofitable through FY09...[but should not require] further financing."

From Barron's 7-2-07: Outperform - Price 10.20 on June 26 by Friedman Billings Ramsey "Upgraded from Market Perform. MIG shares are down 17% from 52-week high in October '06. At 1.4 times [book value], we believe the shares are attractive, particularly given the 28% upside to our new price target and the [rating upgrade] from A.M. Best, a [credit-rating organization focused on financial-services, including banking and insurance]...In addition to [book value] growth, we believe there's room for multiple expansion...as top-line growth increases. In 1Q07, gross and net premiums grew...0.6% and 3.7%, respectively. Despite slow growth, management maintained its '07 full-year premium forecast during 1Q07 earnings call, implying premium volume will accelerate for remainder of '07, with mid-teens growth rate...[and] expand further in '08, as A.M. Best upgrade benefits...are realized. Potential acquisitions of fee income-generating businesses and [managing general agents] should lead to earnings growth...Our new 13 target is based on a 1.86 times peer-group average multiple to book value of $7.02."

From Barron's 7-2-07: Hold - Price 23.21 on June 28 by Sandler O'Neill "Reducing our '07 EPS estimate by two cents to $1.35 and '08 EPS estimate by five cents to $1.56...We expect TSFG to report 2Q07 operating EPS of 33 cents, up from 30 cents in 1Q07 and down 15.4%, year-over-year...Target [cut] by 50 cents to $24.50, owing mainly to lower peer valuations."