Analyst initiations: PNWIF, BMRN, DBTK and LF

MOST NOTEWORTHY: PhotoChannel Networks, BioMarin Pharmaceutical, Double-Take and Leapfrog Enterprises were today's noteworthy initiations:

Merriman believes PhotoChannel Networks (OTC: PNWIF) is positioned to become a leading provider to the digital photofinishing market through its offering of a fully-integrated solution to retailers. The firm started shares with a Buy rating.
Jefferies resumed coverage of BioMarin Pharmaceutical (NASDAQ: BMRN) with a Buy rating and $33 target, as they expect strong long-term growth from Aldurazyme and Naglazyme and is optimistic for Kuvan approval and a strong market launch.
ThinkEquity is positive on Double-Take's (NASDAQ: DBTK) impressive operating leverage and valuation and started shares off with a Buy rating and $28 target.
Needham initiated Leapfrog Enterprises (NYSE: LF) with a Strong Buy rating and $11 target. The firm expects Leapfrog to benefit from its turnaround initiatives in 2008 and for shares to be driven by improving sales and profits.

OTHER INITIATIONS:

UBS started J Crew (NYSE: JCG) and American Eagle (NYSE: AEO) with Neutral ratings and targets of $40 and $25, and Gap (NYSE: GPS) and Abercrombie & Fitch (NYSE: ANF) with Buy ratings and targets of $23 and $97.
Goldman initiated The9 (NASDAQ: NCTY) with a Neutral rating. Broadpoint initiated Vocus Inc (NASDAQ: VOCS) with a Strong Buy rating.