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MOST NOTEWORTHY: Danaher, United Parcel Service and Atmel were today's noteworthy initiations:
- Danaher (NYSE:DHR) was initiated with a Buy rating and $100 target at Banc of America. The firm believes the stock's premium valuation is warranted given the company's free cash flow performance and feels DHR's Emerging Medical platform is likely underappreciated by the Street.
- United Parcel Service (NYSE:UPS) was assumed with a Market Perform rating at William Blair, as they believe the company is positioned favorably for long-term price appreciation.
- Friedman Billings expects Atmel (NASDAQ:ATML) to pursue various actions to unlock shareholder value that include mix shift towards high-margin microcontroller products, reduced exposure to expensive manufacturing sites, and rationalizing its most profitable opportunities. The firm started shares with an Outperform rating and $6 target.
OTHER INITIATIONS:
- Morgan Stanley assumed coverage of AutoZone (NYSE:AZO) with an Equal Weight rating.
- Credit Suisse initiated Deltek (NASDAQ:PROJ) with an Overweight rating and $22 target.
- Lehman started CME Group (NYSE:CME) with an Equal Weight rating.
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