Analyst initiations 9-6-07: MSFT, CRM, TLEO and MFE

MOST NOTEWORTHY: European pharmaceuticals, Microsoft, Salesforce.com, Taleo and McAfee were today's noteworthy initiations:

UBS resumed coverage of Novartis AG (NYSE: NVS) with a Buy rating and AstraZeneca (NYSE: AZN), Roche Holding (OTC: RHHBY), Sanofi-Aventis (NYSE: SNY) and GlaxoSmithKline (NYSE: GSK) with Neutral ratings.
Deutsche Bank believes new product leverage can bring upside to consensus operating margin expectations at Microsoft Corporation (NASDAQ: MSFT) and they view shares as attractively valued given its growth profile. The firm started shares with a Buy rating and $33 target.
Keybanc initiated shares of Salesforce.com (NYSE: CRM) with a Hold rating and sees slowing growth rates for revenue and net subscriber additions throughout the remainder of FY08 and beyond and thinks investor expectations are too high.
Keybanc also started shares of Taleo Corporation (NASDAQ: TLEO) with a Buy rating and $27 target, as it is well-positioned to gain market share in the Human Capital Management space.
Thomas Weisel believes McAfee Inc (NYSE: MFE) will benefit from PC market growth, enhanced awareness of the company's brand, and its renewed focus on product development for the midmarket corporate segment, and started shares with a Market Weight rating and $37 target.

OTHER INITIATIONS:

Lululemon Athletica (NASDAQ: LULU) was started at William Blair with an Outperform rating and at UBS with a Neutral rating and $37 target.
Merrill Lynch initiated shares of Zoltek Companies Inc (NASDAQ: ZOLT) with a Buy rating and $50 target.
Bear Stearns started shares of Capital Product Partners (NASDAQ: CPLP) with a Peer Perform rating.
Oppenheimer initiated shares of BFC Financial (NYSE: BFF) with a Buy rating and $3.50 target.

Tags: analyst, astrazeneca, azn, bfc financial, BfcFinancial, bff, capital product partners, CapitalProductPartners, cplp, crm, firm, glaxosmithkline, gsk, initiation, lulu, lululemon, mcafee, mfe, microsoft, msft, novartis, nvs, rhhby, roche holding, RocheHolding, salesforce.com, sanofi-aventis, sny, taleo, tleo, zolt, zoltek

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