Outperform - Price 18.33 on Aug. 25 by Credit Suisse A Los Angeles County Superior Court jury voted nine-to-three against Philip Morris USA, recommending $13.8 million in punitive damages for the daughter of Betty Bullock, a deceased smoker of Marlboro and Benson & Hedges cigarettes. The decision reduced the original $28 billion award from 2002. Compensatory damages of $850,000 from the original decision were not part of the jury deliberations and are left unchanged. State Farm might provide grounds for appeal: Even though MO hasn't yet decided whether it will appeal the decision, we believe Altria will attempt to have the award overturned. Reiterating 20 target price and Outperform rating: [The court] decision does not change our view of the litigation environment being as good as it has ever been this decade. Assuming that MO will appeal the decision, a potential payment is probably still years away and should be manageable for the company. Market cap: $37.6 billion.

Market Outperform - Price 20.62 on Aug. 25 by JMP Securities The automotive retailer of used cars with 60-plus dealerships in multiple states, reports fiscal-first-quarter-2010 [results] on Sept. 1, before markets open; we maintain...our F1Q10 earnings-per-share forecast of 37 cents on revenues of $76.1 million. We're below the consensus of 41 cents, likely due to modestly lower revenue expectations and modestly higher SG&A [sales, general and administrative] cost estimates. That said, we anticipate another solid quarter at CRMT, and expect it to report financial results in line with or ahead of our estimates. [It should] continue to gain from improved purchasing processes, enhanced underwriting guidelines, expanded marketing campaigns, and increased sales training....Our forecast for fiscal-year '11 anticipates earnings growth of 18% and we expect FY10 RoA [returns on assets] of 9.5% and a pro forma book value of $14.89. Given these metrics -- [versus] most companies in this economic environment, let alone in stark contrast to subprime lenders -- we believe a $24 target is very reasonable, reflecting a 12.3 times multiple of our $1.95 FY11 EPS estimate. Market cap: $241.3 million.

Buy - Price 16.33 on Aug. 26 by Singular Research Anaren is leveraging microwave innovation with a rich pipeline of new products serving growth niches in defense and consumer wireless-infrastructure markets. We expect wireless revenues to rebound in FY10 from recent weakness. Our FY10E-EPS is $1.20, and our target is 23. Risks: ANEN may not be able to maintain its technological leadership. Its customer base is highly concentrated with Nokia, Lockheed Martin and Grumman Northrop representing over 35% of revenues. The consumer-wireless business is highly competitive and price pressures could intensify. Market cap: $226 million.

Market Perform - Price 7.66 on Aug. 26 by FIG Partners We're initiating coverage on CVBF at Market Perform and setting a price target of $6.46. Our price target is [below recent levels], because we estimate the company will face greater credit headwinds in tandem with lower organic loan growth over the next six quarters. The company is a relationship-based business bank with traditional business loans accounting for 49% of total loans and pure deposits (i.e. total deposits minus all certificates of deposit) representing 69% of total deposits. Although the company is based in Southern California's Inland Empire, more than 75% of loans are located outside that market, with Los Angeles and Orange counties accounting for 47% of total loans. It also has one of the more liquid stocks for trading. Our EPS estimates call for 11 cents in 3Q, 48 cents in 2009, 50 cents in 2010 and 67 cents in 2011. Our 6.46 target represents 121% of our 2009 tangible book value [TBV] estimate...we also estimate that tangible book could increase to $5.34 at year-end 2009, to $5.51 in 2010 and $5.85 in 2011. Market cap: $800 billion.

Buy - Price 38.21 on Aug. 24 by Pritchard Capital Partners CRK believes that a significant portion of its 28,000 net acres in DeSoto Parish, La., lies within what is being defined at the "core" of the play where IP [initial-production] rates and returns will allow companies to earn 20%-plus IRRs [internal rates of return] at a $4.25/Mcf [one thousand cubic feet of natural gas] price. CRK now believes most of its acreage is prospective for both the upper and lower lobes of the Haynesville [Louisiana and East Texas], and EnCana (ECA) recently said it [had] drilled the first dual upper and lower Haynesville well. We currently do not include any reserves for the upper Haynesville in our $52-a-share net asset value. Target: 52. Market cap: $1.7 billion.

Underperform - Price 11.19 on Aug. 26 by Wedbush Morgan Convergys provides outsourced customer care, human resource, and billing services worldwide. Until we see improvements in [human-resource management] and information-management segment, we are maintaining our Underperform rating and 9.50 target [which is] based on our [discounted-cash-flow] analysis and represents a 7.6 times price/earnings multiple to our 2010 non-GAAP EPS estimate of $1.24. This is a moderate premium to our estimated long-term EPS growth of 5%. Market cap: $1.4 billion.

Buy - Price 10.34 on Aug. 24 by Sterne, Agee & Leach We are cutting our 2009 and '10 EPS estimates to 72 cents and 90 cents from 84 cents and $1, respectively. We believe FL can easily attain our estimate without a significant sequential acceleration in [same-store-sales], in light of incredible leeway available in sales general and administrative expenses and merchandise margin. We do not anticipate the SGA cuts will be as severe in [second-half] '09, but there is much room for improvement [via] cost-cutting....Valuation is 4.5 times '09-estimated [earnings before interest, taxes, depreciation and amortization]; dividend yield is an attractive 5.75%. Target: 13. Market cap: $1.6 billion.

Buy - Price 95.94 on Aug. 24 by Sandler O'Neill [Credit-default-swap] volume again topped $100 billion, as European volume exceeded U.S. levels. Total cleared CDS volume was $141 billion for the week ending August 21, down 7.5% from $153 billion in the prior week. ICE Clear Europe cleared $83 billion in its fourth week...up from $72 billion the week before. ICE Trust U.S. cleared another $59 billion, down from $80 billion the prior week. This was the first week that European volume exceeded U.S. volume. We are not changing our 2009 and 2010 EPS estimates of $4.38 and $5.20. We're keeping our 130 price target, based on 25 times our 2010 estimate. There is no change to our Buy rating. Market cap: $7.1 billion.