Market Outperform - Price 30.96 on Sept. 25 by Avondale Partners Reiterating Market Outperform and raising target from 31 to 34 following a day of travel with management of Big Lots [the U.S.'s largest broad-line closeout retailer; merchandise mix includes consumer products, home products, seasonal merchandise and toys.]. Our new target is 20 times our 2008 EPS estimate of $1.70 and reflects our increased confidence that Big Lots is capable of delivering annual EPS growth of 20% over the next two to three years through solid, low-single-digit same-store sales growth...and continued share buybacks.

Outperform - Price 51.64 on Sept. 26 by Baird Securities Emerson's 55% international mix and power focus is successfully bucking the U.S. slowdown....We're raising price target by $4, to 56, which assumes constant multiples of approximately 10 times forward earnings before interest, taxes, depreciation and amortization and 17.8 times forward price/earnings....Emerson's orders report marks the fifth straight month of stability in the mid-to-high single digits and underscores that EMR's organic growth rate should persist at nearly two times its diversified industrial peers.

Buy - Price 40.16 on Sept. 25 by Cantor Fitzgerald Raising price target to 53 from 51, based on a 21 times P/E multiple to our new 2008 EPS estimate of $2.50 (from $2.45). Kirby...now expects 3Q07 EPS to be above 60 cents per share (previous guidance was 53 to 58 cents), versus 48 cents in 3Q06....Barge rates have been higher than expected in the third quarter....Additionally, pricing leverage should remain strong....[We're] raising our...full-year 2007 and 2008 EPS estimates to $2.20 and $2.50 (from $2.15 and $2.45), respectively. Houston-based Kirby is a domestic marine transportation and diesel-engine service company.

Underperform - Price 24.18 on Sept. 25 by Raymond James Lennar [recently] reported its August quarter operating results, delivering a F3Q07 EPS loss of $3.25 versus prior year, when it earned $1.30. Our EPS estimate was a loss of 29 cents and Street consensus was a loss of 55 cents...the loss was driven by a staggering $857 million of charges ($3.33 per share) relative to the $1.1 billion the company has recorded in the downturn to date. Management cited heavy discounting by the public builders and existing home market, low consumer confidence in housing, and a redefining mortgage market as reasons for the weak trends in 3Q.

Sell - Price 18.95 on Sept. 25 by Sterne Agee NYB shares have rallied nearly 20% from their early August lows, pushing valuations to excessively high levels, in our view; reiterate Sell....While a quick screen suggests it might benefit from lower wholesale-funding costs as the Fed eases...the company is still aggressively promoting [certificate of deposit] offers at interest rates that are not different than those on its existing balance sheet....The stock now sells at a substantial premium to peers at 19 times our 2008 EPS estimate of 98 cents, a 30% deposit premium and 375% of tangible book value. As one measure of how rich this premium is, we remind investors that Capital One bought North Fork for prices below these levels, and North Fork was much more profitable.

Buy - Price 72.30 on Sept. 25 by Jesup & Lamont We believe investors misunderstand COL's potential. The company [which engages in the design, production and support of communications and aviation electronics for military and commercial customers worldwide] is well diversified; has one of the strongest balance sheets in the industry; and has a highly regarded management team. Business-jet-related sales account for nearly 20% of COL's annual sales. Reiterating 85 target price (13 times F2008 estimated enterprise value/Ebitda).

Buy - Price 64.30 on Sept. 25 by Lazard Capital Markets In its mid-month update, Target reported comps through week three were tracking...well below guidance. Target is the second quality retailer to miss comps recently. Costco reported a 1% comp domestically in August, hurt by a 4.5% traffic decline in Calif....Based on softer-than-anticipated sales, we are lowering our 3Q F2007 EPS estimate to 67 cents from 68 cents, our 4Q F2007 EPS estimate to $1.40 from $1.42, and our F2007 EPS estimate to $3.63 from $3.65....Lowering our price target to 70 from 71. Maintain Buy, underpinned by strong execution and unlocked asset values.