Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

Vahan Janjigian, editor of The Forbes Growth Investor, chose Sirenza Microdevices (NASDAQ: SMDI) as his top pick. Although the stock rose 35% as of June 1, 2007, the issue no longer meets the requirements of his quantitative model and has thus been dropped from his coverage.

His new top stock pick for the rest of 2007 is AT&T (NYSE: T). The advisor explains, "As measured by revenue, AT&T is the world's largest telecommunications company. It provides both wireline and wireless phone and data communications services.

"The company realized cost savings of $300 million in Q1 from the BellSouth acquisition. The November 2005 acquisition of SBC Communications yielded an additional $600 million in savings in Q1.

"Better-than-expected synergies have led management to increase the 2007 operating profit margin target to 23-24%. The Wireless segment added 1.2 million net new subscribers in Q1, bringing the total to 62.2 million. Average monthly revenue per user increased 1.4% year-over- year to $49.21 per month.

"Total churn improved to 1.7%, down from 1.9% in the prior year period and 1.8% in Q4. Churn for postpaid customers hit a record low of 1.3%. These improvements helped the Wireless segment expand its operating profit margin to 38.9%.

Each year Steven Halpern, editor of TheStockAdvisors.com, surveys the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is part of his 24th annual Top Picks Report.

Sirenza Microdevices (NASDAQ: SMDI) is the top speculative play for 2007 from quantitative analyst Vahan Janjigian. The editor of The Forbes Growth Investor says, "Sirenza designs and supplies radio frequency (RF) components for equipment used in the defense, aerospace, and homeland security markets. It also does business in the commercial communications and consumer markets.

"Broomfield, Colorado-based Sirenza was off to the races in 2006, gaining 193% from the first of the year until July 3. The drop that was to come, however, was swift and ugly, finally culminating four months later after the stock lost more than 48% of its value.

"The shares began to rally after the October 31 acquisition of Micro Linear Corp., a semiconductor company specializing in wireless integrated circuit (IC) solutions used in a variety of wireless applications. Five weeks after its November 2 bottom, the stock had rallied 30%, and I believe there's more to come on the upside.

"SMDI sports a lean PEG ratio of 0.75 and 14.8 times expected 2006 full year earnings of $0.61 per share. For the September quarter, revenue was up 130% over the same quarter in 2005, while earnings per share shot up 189%."

To see Vahan's favorite conservative stock for 2007, click here.