Analyst initiations: DNA, HBC, STP, SPWR and FRPT
Posted Sep 21st 2007 11:00AM by Eric Buscemi
Filed under: Analyst Reports, Genentech Inc (DNA), Analyst Initiations, Suntech Power Hldgs ADS (STP), Savient Pharmaceuticals (SVNT)
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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:
Tags: analyst, arcelor mittal, ArcelorMittal, dna, firm, force protection, ForceProtection, frpt, genentech, hbc, heartland, hpy, hsbc, initiation, rf micro devices, rfmd, RfMicroDevices, savient, spwr, stp, sunpower, suntech, svnt
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