Analyst initiations: U.S. banks, oil refiners and SGXP

MOST NOTEWORTHY: The U.S. bank sector, oil refiners and SGX Pharmaceuticals were today's noteworthy initiations:

Credit Suisse initiated coverage on U.S. banks, starting shares of BB&T Corporation (NYSE: BBT), Colonial BancGroup Inc (NYSE: CNB) and Zions Bancorporation (NASDAQ: ZION) with Outperform ratings.
Banc of America assumed coverage of the oil refiners but remains neutral on the group given near-term risks to gasoline inventories and margins. They assumed Valero Energy Corporation (NYSE: VLO) with a Neutral rating and $60 target and Western Refining Inc (NYSE: WNR) with a Sell rating and $35 target.
Cantor believes SGX Pharmaceuticals Inc's (NASDAQ: SGXP) platform technology for the treatment of cancer provides significant advantages that can accelerate drug discovery and lead optimization, while lowering costs. The firm started shares with a Buy rating and $9 target.

OTHER INITIATIONS:

Morgan Keegan started shares of Motorola Inc (NYSE: MOT), Apple Inc (NASDAQ: AAPL) and Napster Inc (NASDAQ: NAPS) with Market Perform ratings and RealNetworks Inc (NASDAQ: RNWK) with an Outperform rating.
Lehman initiated shares of Time Warner Inc (NYSE: TWX) with an Overweight rating and $25 target.
Virtusa Corporation (NASDAQ: VRTU) was assumed with an Overweight rating at JP Morgan and with an Outperform rating and $16 target at Bear Stearns.