MOST NOTEWORTHY: Chico's FAS (CHS), MetroPCS (PCS), Federated Investors (FII) and Tibco (TIBX) were today's noteworthy initiations:
- Roth Capital believes Chico's FAS (NYSE: CHS) growth will be back on track given the changes within the merchandise organization and recent infrastructure investments, and initiated shares with a Buy rating and $24 target.
- Pacific Crest believes MetroPCS's (NYSE: PCS) low-cost business model creates opportunities and that its large market focus should drive outperformance, and initiated shares with an Outperform rating.
- JMP Securities believes near-term upside in Federated Investors (NYSE: FII) could be seen with hurricane season and resumed coverage of Federated Investors with an Overweight rating and $178 target.
- Pacific Crest believes 2007 is a transition year for Tibco (NASDAQ: TIBX) and started shares with a Sector Perform rating...
OTHER INITIATIONS:
- BWS Financial initiated Rentrak (NASDAQ: RENT) with a Buy rating and $20 target.
- HSBC started Lukoil (OTC: LUKOY) with an Overweight rating.
- Pacific Crest started shares of On Semiconductor (NASDAQ: ONNN) with an Outperform rating and $16 target.
- BMO Capital initiated Ares Capital (NASDAQ: ARCC) with an Outperform rating and $18 target.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). 
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
