Analyst initiations: DNA, HBC, STP, SPWR and FRPT

MOST NOTEWORTHY: Genentech, HSBC Holdings, Suntech Power, SunPower and Force Protection were today's noteworthy initiations:

UBS is positive on Genentech Inc's (NYSE: DNA) leading industry franchises and potential upside from development projects and started shares with a Buy rating and $101 target.
HSBC Holdings (NYSE: HBC) was assumed with a Reduce rating at WestLB, as the firm believes subprime concerns may hold back shares in the near-term.
Jefferies initiated shares of SunTech Power Holdings (NYSE: STP) with a Buy rating and $45 target. The firm believes the company is positioned to beat 2007 and 2008 expectations by ramping manufacturing capacity and production faster than expected.
Jefferies also resumed coverage of SunPower Corporation (NASDAQ: SPWR) with a Hold rating and $90 target, citing valuation, but believes the stock's higher multiple is justified given the company's superior growth potential.
Force Protection Inc (NASDAQ: FRPT) was initiated with a Market Perform rating and Friedman Billings, as they believe near-term production expectations are too high given emerging DOD funding issues.

OTHER INITIATIONS:

Lehman started shares of Arcelor Mittal (NYSE: MT) with an Overweight rating.
UBS started shares of RF Micro Devices (NASDAQ: RFMD) with a Neutral rating.
Cowen resumed coverage of Savient Pharmaeuticals Inc (NASDAQ: SVNT) with an Outperform rating.
Morgan Keegan started shares of Heartland Payment Systems Inc (NYSE: HPY) with a Market Perform rating.