Analyst initiations: SFLY, DSCM, SYBT and SRCL

Posted Oct 10th 2007 11:12AM by Eric Buscemi
Filed under: Analyst Reports, Analyst Initiations

MOST NOTEWORTHY: Shutterfly, Drugstore.com, S.Y. Bancorp and Stericycle were today's noteworthy initiations:

Oppenheimer started shares of Shutterfly Inc (NASDAQ: SFLY) with a Buy rating and $42 target. The firm believes secular growth in digital photography and increasing adoption of user generated print publishing will drive EBITDA growth of 30%-40% over the next 2-3 years.
Oppenheimer also initiated Drugstore.com Inc (NASDAQ: DSCM) with a Buy rating and $5 target, as they expect growth in the company's higher margin beauty segment could drive EBITDA above consensus estimates.
Baird is positive on S.Y. Bancorp Inc's (NASDAQ: SYBT) valuation, capital-rich balance sheet, and top-tier profitability and resumed coverage with an Outperform rating.
The firm also started shares of Stericycle Inc (NASDAQ: SRCL) with a Neutral rating, noting it would be more aggressive on shares in the mid-$40s or if earnings catch up with the passing of time.

OTHER INITIATIONS:

UBS initiated Praxair Inc (NYSE: PX) with a Buy rating and $94 target and added shares to its Strategic Stock Selection List.
Lehman initiated Infosys Technologies Ltd (NASDAQ: INFY) with an Equal Weight rating and Wipro Limited (NYSE: WIT) with an Underweight rating.
William Blair reinstated coverage of the commercial real estate services sector, starting FirstService Corporation (NASDAQ: FSRV) with an Outperform rating, Jones Lang LaSalle Incorporated (NYSE: JLL) with a Market Perform rating and CB Richard Ellis Group Inc (NYSE: CBG) with a Market Perform rating.

Tags: CB Richard Ellis, CBG, CbRichardEllis, Drugstore.com, DSCM, FirstService, FSRV, Infosys, Infosys Technologies, InfosysTechnologies, INFY, JLL, Jones Lang LaSalle, JonesLangLasalle, Praxair, PX, S.Y. Bancorp, S.y.Bancorp, SFLY, Shutterfly, SRCL, Stericycle, SY Bancorp, SyBancorp, SYBT, Wipro, Wipro Ltd, WiproLtd, WIT

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