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MOST NOTEWORTHY: Vanguard National Resources, Fuqi and Ulta Salon were today's noteworthy initiations:
- Vanguard National (NYSE: VNR) was initiated at Jefferies with a Buy rating and $19 target, citing the company's yield premium to other MLPs, and at Wachovia with an Outperform rating on valuation and yield.
- Merriman believes Fuqi (NASDAQ: FUQI) strong brand and established wholesale distribution will drive increasing market share of China's jewelry market. The firm started shares with a Buy rating.
- William Blair resumed coverage of Ulta Salon (NASDAQ: ULTA) with an Outperform rating, as they believed the company's modest current market share and unique offering brings considerable opportunities to take further share from traditional department stores.
OTHER INITIATIONS:
- Goldman initiated Akzo Nobel (OTC: AKZOY) with a Buy rating and Holly Corp. (NYSE: HOC) with a Neutral rating and $63 target.
- CVR Energy (NYSE: CVI) was started with a Neutral rating and $27 target at Goldman and with a Buy rating and $27 target at Citigroup.
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