Analyst initiations: KCP, TPX, BIIB, CBST and SHOR

MOST NOTEWORTHY: Kenneth Cole, Tempur Pedic, Biogen Idec, Cubist Pharma and ShoreTel were today's noteworthy initiations:

B. Riley started shares of Kenneth Cole (NYSE: KCP) with a Neutral rating and $21 target, citing a lack of near-term catalysts and the challenging environment for footwear companies.
William Blair resumed coverage of Tempur Pedic International (NYSE: TPX) with an Outperform rating, and finds the current valuation attractive for long-term investors.
Banc of America assumed coverage of Biogen Idec (NASDAQ: BIIB) with a Neutral rating and $79 target, as they see less than 50% probability of a sale at current prices and expect shares to trade back to pre-announcement levels in the mid-to-high $60s if no sale is made.
Cubist Pharmaceuticals (NASDAQ: CBST) was initiated with a Sector Performer rating at CIBC, citing competitive headwinds.
ShoreTel (NASDAQ: SHOR) was initiated with a Neutral rating at Nollenberger on valuation.

OTHER INITIATIONS:

UBS initiated CVS Caremark (NYSE: CVS) with a Buy rating and Rite Aid (RAD) and Walgreen (WAG) with Neutral ratings.
Caris initiated Starent Networks (NASDAQ: STAR) with an Average rating and $23 target.

Tags: analyst, biib, biogen, cbst, cubist, cvs, initiation, kcp, kenneth cole, KennethCole, shor, shoretel, star, starent, tempur pedic, TempurPedic, tpx