Analyst initiations 10-4-06: Solar PV industry initiated by DB

MOST NOTEWORTHY:

Under Armor, Blue Nile and the solar PV industry top today's list of initiations.

• Under Armor Inc. (NASDAQ: UARM) was initiated with a Hold from BB&T today, citing limited upside with the challenging macro backdrop and valuation.
• Blue Nile Inc. (NASDAQ: NILE) was was initiated with a Neutral at Susquehanna because the company believes it will be hard for the company to build brand awareness given the limited marketing budget and increasing competition.
• Deutsche Bank is bullish on the solar PV industry over the long-term, initiating SunPower Corp (NASDAQ: SPWR) and Energy Conversion Devices Inc. (NASDAQ: ENER) with a Buy rating and Evergreen Solar Inc. (NASDAQ: ESLR) with a Hold. Deutsche Bank believes the government will provide incentives that close the gap with grid prices and that public and private investment will fund accelerating improvements in technology and infrastructure.

OTHER INITIATIONS:

• Amazon.com Inc. (NASDAQ: AMZN) was initiated with a Hold by Lazard, citing margin pressure from the high costs of competition for the rating.
• BB&T initiated sunglass maker Oakley Inc. (NASDAQ: OO) with a Buy. The firm is positive on the new strategic repositioning of the company.
• Volvo (NASDAQ: VOLV) was initiated with a Sell at Societe General

Analyst initiations provided by TheFlyOnTheWall.com.