Analyst initiations: Broadline retail, CCE, PEP, PBG and DISCA

Posted Nov 2nd 2007 12:40PM by Eric Buscemi
Filed under: Analyst Reports, Wal-Mart (WMT), PepsiCo (PEP), Penney (J.C.) (JCP), Coca-Cola Enterprises (CCE), Analyst Initiations, Nordstrom, Inc (JWN)

MOST NOTEWORTHY: The broadline retail sector, Coca-Cola Enterprises, PepsiCo, Pepsi Bottling and Discovery Holdings were today's noteworthy initiations:

BMO Capital believes the broadline retail sector will be pressured until valuations reflect a potential recession in 2008, or the housing market begins to stabilize. The firm initiated the sector with an Underperform rating, and started shares of Wal-Mart (NYSE: WMT) and JC Penney (NYSE: JCP) with Outperform ratings and a $52 target and $68 target, Macy's (NYSE: M) with a Market Perform rating and $35 target, and Nordstrom (NYSE: JWN) with an Underperform rating and $38 target.
Bear Stearns started shares of Coca-Cola Enterprises (NYSE: CCE), PepsiCo (NYSE: PEP) and Pepsi Bottling Group (NYSE: PBG) with Peer Perform ratings on valuation.
Wachovia initiated Discovery Holding (NASDAQ: DISCA) with a Market Perform rating on valuation.

OTHER INITIATIONS:

Genzyme (NASDAQ: GENZ) was initiated with a Sector Performer rating at CIBC.
UBS resumed coverage of Capital Trust (NYSE: CT) and CapitalSource (NYSE: CSE) with Neutral ratings and targets of $35 and $18, respectively.

Tags: analyst, capital trust, capitalsource, CapitalTrust, cce, coca-cola, cse, ct, genz, genzyme, initiation, jc penney, jcp, JcPenney, jwn, m, macy's, nordstrom, pbg, pep, pepsi, wal-mart, wmt