MOST NOTEWORTHY: Nordstrom Inc (JWN) and Federated Dept Stores (FD) were today's most notable initiations: - JP Morgan initiated Federated Dept Stores (NYSE: FD) with a Neutral rating. They believe Federated's merger remains a struggle while the company's valuation is stretched.
- JP Morgan see Nordstrom Inc (NYSE: JWN) as one of the strongest retail models in their universe, but consider the stock's valuation to be rich. The firm initiated Nordstrom with a Neutral rating.
OTHER INITIATIONS:
- IPG Photonics (NASDAQ: IPGP), a designer and manufacturer of optical fiber-based lasers and fiber amplifiers, was initiated at five research firms this morning: Needham, Jefferies and Merrill Lynch with a Buy rating, Lehman Brothers with an Equal Weight rating and Thomas Weisel with an Overweight.
- Guidance Software (NASDAQ: GUID) was initiated at three firms: With a Buy rating at AG Edwards, an Overweight rating at Morgan Stanley and an Outperform rating at Wachovia.
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