Analyst initiations: EMC, NILE, GYI and SONS

MOST NOTEWORTHY: EMC Corp, Blue Nile, Getty Images and Sonus Networks were today's noteworthy initiations:

EMC Corporation (NYSE: EMC) was initiated with a Buy rating and $24 target at Banc of America as they believe the company's core business is undervalued and should benefit from penetration of new market segments. Deutsche Bank views shares of the stock as fully valued at current levels, starting shares off with a Hold rating and $20 target. Jefferies believes the divergence in valuation of core EMC and majority-held VMWare Inc (NYSE: VMW) creates an attractive entry point. The firm started EMC shares with a Buy rating and $25 target.
CIBC finds shares of Blue Nile (NASDAQ: NILE) fairly valued and sees challenges as competition increases. The firm started shares with a Sector Performer rating.
CIBC also initiated shares of Getty Images Inc (NYSE: GYI) with a Sector Performer rating, as the firm believes the company's earnings visibility is limited while the business model is in transition.
Coverage of Sonus Networks Inc (NASDAQ: SONS) was resumed with an Overweight rating and $8 target at Thomas Weisel. Their checks indicate the company is experiencing increased order activity in 2H07, and they expect an improved Q3 followed by a very strong Q4.

OTHER DOWNGRADES:

Credit Suisse Group (NYSE: CS) was initiated with an Overweight rating at Morgan Stanley.
Oppenheimer initiated Consolidated Communications Holdings Inc (NASDAQ: CNSL) with a Buy rating and $24 target.
UBS initiated the U.S. homebuilding sector with a Pessimistic outlook.
UBS initiated shares of Nvidia Corporation (NASDAQ: NVDA) with a Neutral rating and $37 target.
Bear started shares of The Dow Chemical Company (NYSE: DOW) with a Peer Perform rating.