MOST NOTEWORTHY: Bluefly, Inc (BFLY), Leap Wireless International, Inc (LEAP), Kona Grill, Inc (KONA), MetroPCS Communications, Inc (PCS) and Beacon Roofing Supply (BECN) were today's more noteworthy initiations:
- Merriman believes FY07 is a transitional year for Bluefly (NASDAQ: BFLY), starting the company with a Neutral rating, and finds the stock fairly valued at current levels.
- Robert W. Baird expects growth at Leap Wireless International (NASDAQ: LEAP) to be fueled by upcoming market launches, starting shares with an Outperform rating.
- Thomas Weisel is positive on Kona Grill's (NASDAQ: KONA) expansion, same-store sales growth, ramping unit volumes and corporate G&A leverage, starting shares with an Outperform rating.
- Robert W. Baird expects MetroPCS Communications (NYSE: PCS) growth to be fueled by upcoming market launches and initiated shares with an Outperform rating and $14 target.
- Needham believes shares of Beacon Roofing Supply (NASDAQ: BECN) have overreacted to the weak residential new construction market, which represents only 20% of business, and started shares with a Buy rating and $22 target...
OTHER INITIATIONS:
- Morgan Joseph started Cash Systems, Inc (NASDAQ: CKNN) with a Buy rating and $9 target.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). 
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