Outperform/Above-Average Risk - Price 14.63 on Aug. 12 by RBC Capital Markets Our $20 target [is] approximately 5.5 times our 2009 [earnings before interest, taxes, depreciation and amortization] estimate....ALY and [Bronco Drilling have] terminated merger plans, [on] indications BRNC shareholders wouldn't approve. We believe ALY will continue to pursue opportunities the BRNC-combination would have filled, e.g., access to land rigs....Target risks include significant decline in natural-gas and/or crude-oil prices. Market cap: $519 million.

Hold - Price 36.37 on Aug. 12 by Wedbush Morgan PLCE reported disappointing July sales. Our new F08 [earnings-per-share] outlook is $1.85, versus...consensus $1.87. Although [PLCE's] value proposition may be appealing in a difficult macro environment, we...view the shares as fairly valued. Applying a price/earnings multiple of 16 times to our new F09 EPS estimate of $2.39, we derive our 38 target. Market cap: $1.1 billion.

Neutral - Price 24.89 on Aug. 11 by Hilliard Lyons IDCC develops technology for advanced digital-wireless communications. Revenue of $58.7 million/EPS of 13 cents compared to our $59.1 million/11 cents estimate...We're positive on IDCC's ability to sign 3G licensing agreements with Samsung and Nokia....If a more attractive entry point [emerges], we'd consider [a rating] upgrade.Target: 36. Market cap: $1.1 billion.

Outperform - Price 57.60 on Aug. 12 by Baird Securities MIDD has entered an agreement to acquire TurboChef (OVEN), maker of residential and commercial ovens, for $6.47 a share ($3.67 cash, 0.0486 shares of MIDD stock), a 30% premium over its 20-day trading average...subject to...approval and normal closing conditions; expected to close 4Q08. Total purchase price is approximately $200 million....The deal values OVEN at about 1.8 times [long-term] sales. OVEN specializes in speed-cooking solutions...and counts Dunkin' Donuts, Subway and Starbucks as key customers. Middleby is a leading global manufacturer of "hot-side" [food-preparation equipment]. Target: 81. Market cap: $990 million.

Hold - Price 18.75 on Aug. 13 by Sandler O'Neill The insurance-holding company announced July operating EPS of 14 cents, [which beat] our 10-cent monthly estimate. The earnings surprise was largely driven by better-than-expected underwriting results, which accounted for 3 cents of the beat. Progressive reported a loss ratio of 71.7%, versus our expectation for 73.5%. It is increasingly looking like higher gas prices are causing drivers to decrease the amount that they drive -- which ultimately results in lower-than-expected accident frequency. We are adjusting our 2008 EPS estimate to $1.35, up from $1.31, to reflect the July results. Market cap: $12.7 billion.

Buy/High Risk - Price 25.75 on Aug. 11 by Zacks Research RIO is one of the world's largest producers and exporters of iron ore and pellets. It reported very positive numbers for 2Q08. But the share price has been under pressure due to [the] international economic environment....Yet we believe iron-ore prices will not be affected, [and] the stock's current valuation already discounts a worst-case economic scenario....Continued nickel-price fall remains a problem; yet RIO has [kept] revenues, cash-flow generation and net income at record levels. Iron-ore demand depends mainly on the carbon-steel industry, which is linked to infrastructure investment, mainly in emerging markets. Short-to-medium term, we expect this area to remain heated. Management recently approved a proposal to pay $2.5 billion in dividends this year, a 33% increase over the amount it paid in 2007. Vale recently made a...$12 billion public offering. Market cap: $17 billion.

Buy/Medium Risk - Price C36.42 on Aug. 12 by Dundee Securities VET is a well-diversified midsize oil-and-gas royalty trust operat[ing] in Canada, France, the Netherlands and Australia. [It] was created in 2003 via the reorganization of Vermilion Resources into the current operating trust and an explorer called Clear Energy. Vermilion has had another strong quarter and, despite operating setbacks, has been able to maintain its existing production guidance for the year. Stay tuned for future acquisitions....We continue to view VET as one of the best-run royalty trusts in the sector and the only one with truly international exposure. Target: C$56. Market cap: C$2.7 billion [about US$2.5 billion].