Analyst Martin Borghetto at Morgan Stanley Dean Witter notes that discount airlines in Europe still have only 3.7% of the intracontinental traffic, compared with 16.7% in the U.S., but he prefers the bigger and older European discounter, Ryanair.

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Small firms often cash the notes at a discount.

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The funding will remain as convertible notes with no valuation cap and no discount.

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Yet, Katz notes that many of these players come at a discount to major league teams.

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He notes that the stock continues to trade at a discount to its peers, such as Kroger (KR) and Safeway (SWY) based on p-e ratios and price-to-EBITDA (earnings before interest, taxes, depreciation and amortization) multiples.

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"We think that the company may spin RSDL off much in the same way it spun off AngioDynamics, " says Hirsch, who also notes that E-Z-EM trades at a discount to its medical equipment peers.

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The company, he notes, trades at 11x calendar 2012 earnings, or about a 6% discount to the market.

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For one thing, he notes that it may take until 2012 for rivals to price their tablets at a discount to the iPad while still making acceptable gross margins.

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