Analyst initiations: FIG, ESI and KNDL

Posted Dec 5th 2007 11:50AM by Eric Buscemi
Filed under: Analyst Initiations

MOST NOTEWORTHY: Fortress, ITT Educational Service and Kendle International were today's noteworthy initiations:

Fortress Investment Group (NYSE: FIG) was initiated with a Hold rating and $18.50 target at Jefferies. The firm expects near-term volatility given the increasingly difficult private equity market.
Banc of America assumed coverage of ITT Educational Service (NYSE: ESI) with a Buy rating and $130 target and believes the recent weakness creates an attractive entry point as they see continued margin expansion and upside to Street estimates.
Susquehanna expects Kendle International (NASDAQ: KNDL) to benefit from positive trends in the Clinical Research Organization industry, expanded customer base and geographical reach, integration of Charles Rivers Laboratories (NYSE: CRL), and backlog. The firm started shares with a Positive rating.

OTHER INITIATIONS:

China Security & Surveillance (NYSE: CSR) was initiated with an Overweight rating and $30 target at Lehman.
Morgan Stanley started Akamai Technologies (NASDAQ: AKAM) with an Equal Weight rating and $39 target.
Goldman resumed coverage of AU Optronics (NYSE: AUO) and Clorox (NYSE: CLX) with Neutral ratings.