Analyst inititations: NWS, LLNW, GLW and CKEC

MOST NOTEWORTHY: News Corp, Limelight Networks, Corning and Carmike Cinemas were today's noteworthy initiations:

RBC Capital is positive on News Corporation's (NYSE: NWS) strategy of investing cash flow away from mature enterprises to fund high-growth initiatives such as Sky Italia and Fox Interactive Media. The firm initiated shares with an Outperform rating and $26 target.
Kaufman Brothers rates Limelight Networks Inc (NASDAQ: LLNW) a Sell based on a significant increase in the competitive environment with Akamai discounting on large deals, Level 3 Communications Inc (NASDAQ: LVLT) introducing a competitive offering in November 2007, Korean major-CD Networks becoming aggressive, and new entrants becoming aggressive with their value propositions.
Deutsche Bank initiated Corning Inc (NYSE: GLW) with a Buy rating and $31 target as they believe shares are fundamentally undervalued given the company's strong fundamentals and promising outlook.
Carmike Cinemas Inc (NASDAQ: CKEC) was started at JP Morgan with an Overweight rating. The firm said the company is the most exposed to 3-D, which could lead to potential upside due to low margins and leverage capital structure.

OTHER INITIATIONS:

UBS started shares of St. Jude Medical Inc (NYSE: STJ) with a Sell rating and $43 target and shares of Medtronic Inc (NYSE: MDT) with a Buy rating and $64 target.
Bear Stearns initiated shares of TJX Companies Inc (NYSE: TJX) and Ross Stores Inc (NASDAQ: ROST) with Peer Perform ratings.
KeyBanc initiated shares of LaSalle Hotel Properties (NYSE: LHO) with a Hold rating.
Caris started shares of Acme Packet Inc (NASDAQ: APKT) with an Above Average rating and $17 target.

Tags: acme packet, AcmePacket, analyst, apkt, carmike cinemas, CarmikeCinemas, ckec, corning, firm, glw, initiation, lasalle, level 3, level three, Level3, LevelThree, lho, limelight, llnw, lvlt, mdt, medtronic, news corp, NewsCorp, nws, ross stores, RossStores, rost, st jude, stj, StJude, tjx

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