Buy - Price 45.05 on Sept. 11 by Sterne Agee Target: 56. This offshore oil-and-gas developer and producer operates in Gulf of Mexico, North Sea....Our estimates suggest production will grow [about fourfold] from 2Q07 to 4Q09. Also, it looks as though cash flow and [capital expenditures] will be in balance for this year and next...and "massive" in '09 and '10, in management's words.

Accumulate - Price 25.35 on Sept. 11 by Think Equity Intel revised revenue and gross-margin guidance upward. We view this improvement in Q3 expectations as in line with our positive checks on the PC market. We are increasing our estimates and maintaining an Accumulate rating [appreciation potential greater than 0% and less than 20% over the next 12 months]. At our 26 price target, INTC shares would trade at an 18.6 times price/earnings ratio (net of cash and debt).

Market Perform - Price 9.55 on Sept. 11 by Raymond James During August, JetBlue's traffic increased 13.4% year-over-year on capacity growth of 9.8%, resulting in a load-factor improvement of 2.7 percentage points y/y to 86.4%. Preliminary passenger-unit revenue (PRASM) increased a strong 15% for the month of August, after an 11% increase in July....Given the strong unit revenue performance through the first two months of the quarter, however, [we're increasing] our PRASM estimate from 9% y/y to 10% and 3Q07 EPS estimate from 5 cents to 7 cents (vs. breakeven in 3Q06)....14% to 15% of JetBlue's seats are currently in new markets....While JBLU, in our view, is taking positive steps to improve profitability, we [want to see] operating-margin expansion beyond levels currently forecast (13% to 14% range, versus our 9.5%)....JBLU shares are trading at the high end of...leading low-cost carrier peer group range of 15 times to 19 times on 2008 EPS estimates.

Buy - Price 53.85 on Sept. 10 by UBS Despite having mortgage revenues decline sequentially for the past 12 to 18 months, Lehman still posted 25% [return on equity] in 1H07, as strong results in equities and i-banking provided offsets...we think LEH will be able to post a midteens ROE in 3Q despite challenging backdrop. It could take awhile for sentiment to swing, we think risk/reward for LEH is attractive considering its current 1.4 times book multiple, more diverse franchise and long-term earnings power. Our 75 target is based on 1.7 times our forward book-value estimate.

Underperform - Price 27.39 on Sept. 11 by Friedman Billings Ramsey SEPR and GlaxoSmithKline announced a partnership for Lunesta (ex-U.S. name: Lunivia) in overseas markets: SEPR will receive a $20 million upfront payment, milestone payments of up to $155 million and tiered double-digit royalties. SEPR submitted a [European Union] filing earlier this year; approval expected 2H08. We are raising our revenue estimates to reflect royalties and milestone payments related to ex-U.S. Lunivia sales; however, we're maintaining Underperform/26 target. We believe 3Q07 [will] be another challenging quarter for SEPR, with Lunesta prescriptions declining by 4% sequentially (despite heavy marketing expenditure)....Our new EPS estimate for '08 is $1.73 (up from $1.68), growing to $2.29 (from $2.23) in 2011.

Buy - Price 39.71 on Sept. 13 by Jefferies & Co. Silicon Labs is one of the few semi companies in our coverage universe that combines sustainable product cycle-like revenue growth (15-20% y/y) with the margin profile (60% to 62%) and product/customer diversification of an analog company. Our target of 49 is based on 30 times our [calendar-year] '08 EPS estimate of $1.62....Risks to our thesis include slower adoption of broadcast-radio products, slower penetration of the [videoconference switching] market, and a falloff in modem revenue....We view Silicon Labs largely as a share-gain story.

Sell - Price 15.75 on Sept. 11 by Wedbush Morgan With two successful games in Q4, Take-Two still cannot generate a profit. We see some improvement, but don't believe turnaround will be as dramatic as guidance for [fiscal-year] '08 implies, nor [that] TTWO has permanently put its long-standing problems behind it. Our 12 target reflects an [enterprise value] to adjusted income valuation of 24 times our estimated forward sustainable EPS of 50 cents. This multiple, at high end of company's historical range, reflects a 20% discount to multiples [on] competitors Activision and Electronic Arts.