Gary Borger is a big name in flyfishing who developed a line of rods, the "Gary Borger Pro Series", for Targus a few years ago that got excellent reviews. (Google "Gary Borger Pro Series" to see what people on bulletin boards have said about them. I have the 8 and 9 weights and love them, but others speak well of the lighter weight ones.) Targus got into some kind of business trouble and discontinued the line, and the remaining inventory is being sold off by The Fly Shop in Redding, Calif. The 9x4 model was originally sold at a list price $299 but is now marked down to $129, right in your target price range, and are a fantastic bargain at that price. They still have the 9x4's in stock.
One added bonus is that they come with a second tip, so if you break your tip while on the water you can still keep fishing. At this price point that's an attractive feature. However, look at the photos and make sure you don't mind the reel seat and paint job -- they are a little flashy for some people's taste.