Analyst initiations 9-7-07: Exchange sector, PGNX, TEL and PMC

MOST NOTEWORTHY: The exchange sector, Progenics Pharma, Tyco Electronics and PharMerica were today's noteworthy initiations:

Keefe Bruyette initiated coverage on Exchange Sector: The firm started shares of CME Group Inc (NYSE: CME), NYMEX Holdings Inc (NYSE: NMX) and NYSE Euronext Inc (NYSE: NYX) with Outperform ratings and a $669 target, $147 target and $90 target, respectively. The firm also started shares of Investment Technology Group (NYSE: ITG), Nasdaq Stock Market Inc (NASDAQ: NDAQ) and IntercontinentalExchange Inc (NYSE: ICE) with Underperform ratings and a $47 target, $36 target and $158 target, respectively, and shares of Knight Capital Group (NASDAQ: NITE) with an Underperform rating and $13 target.
Progenics Pharmaceuticals (NASDAQ: PGNX) was added to Friedman Billings' Top Picks list and its Outperform rating was maintained. The firm has a high degree of confidence in the success of the MNTX Ph III studies in post-operative ilieus, as well as the FDA approval of the subcutaneous injection in terminally ill patients with opiod-induced constipation around the 1/31/07 PDUFA date.
RBC believes margin expansion will drive long-term appreciation in Tyco Electronics Ltd (NYSE: TEL) and started shares with an Outperform rating and $41 target.
PharMerica Corporation (NYSE: PMC) was initiated with an Underperform rating at Bear Stearns. The firm believes PMC will be pressured by customer losses and generic reimbursement cuts and sees shares trading in $12-$13 range.

OTHER INITIATIONS:

Ryanair Holdings (NASDAQ: RYAAY) was initiated with a Market Outperform rating at Avondale.u
Banc of America initiated shares of Town Sports International (NASDAQ: CLUB) with a Sell rating and $15 target.
Goldman started shares of Genesis Lease Ltd (NYSE: GLS) and Aircastle Ltd (NYSE: AYR) with Neutral ratings.

Tags: aircastle, analyst, ayr, club, cme, downgrade, firm, genesis lease, GenesisLease, gls, ice, intercontinental, itg, knight capital, KnightCapital, nite, nmx, nymex, nyse, nyx, pgnx, pharmerica, pmc, progenics, ryaay, ryanair, tel, town sports, TownSports, tyco electronics, TycoElectronics

#	Blogger	Posts	Cmts
1	Joseph Lazzaro	57	0
2	Connie Madon	54	0
3	Steven Mallas	48	0
4	Steven Halpern	45	0
5	Mark Fightmaster	44	0
6	Zac Bissonnette	43	0
7	Tom Taulli	37	0
8	Brian White	27	0
9	Tom Johansmeyer	26	0
10	Sheldon Liber	24	0
11	Jim Cramer	22	0
12	Melly Alazraki	22	0
13	Paul Foster	22	0
14	Jon Ogg	21	0
15	Trey Thoelcke	20	0
16	Eric Buscemi	20	0
17	Elizabeth Harrow	20	2
18	Brent Archer	19	0
19	Jamie Dlugosch	19	0
20	Michael Fowlkes	13	0

Find out why more people track their portfolios on AOL Money & Finance then anywhere else.

Other Weblogs Inc. Network blogs you might be interested in:

Investors pressure private equity funds to cut fees Will an IPO bring more transparency to KKR? Will FDIC's new rules for buying failed banks deter private-equity investors	My Activision Blizzard trade Cramer on BloggingStocks: The post-mark-up could sting industrials Microsoft (MSFT): Bet on Bing?
Sega giving away Columns on iPhone for free all this weekend Road Tested: AT&T Navigator for iPhone Rolando 2 out now on the App Store	Hulu blocks Skyfire mobile browser from accessing videos StatCounter data shows Windows 7 pre-release use closing in on Linux Tweak Firefox 3.5 to keep running when you close all tabs
Ruth Madoff Finally Evicted Rare Copy Of The Declaration Of Independence Found L.A.M.B. Hawke Ceylon Satchel, Handbag of the Day	Google argues that it isn't really that big after all Dell developing a pocket Web pal? Five blue-chip stocks with revolutionary new products