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MOST NOTEWORTHY: GlaxoSmithKline, Equinix and Convergys were today's noteworthy initiations:
- Societe Generale believes consensus estimates are underestimating the quality of GlaxoSmithKline's (NYSE: GSK) base business. The firm started shares with a Buy rating.
- Merriman believes Equinix's (NASDAQ: EQIX) data center footprint leaves it highly exposed to changing market dynamics, including virtualization, and initiated shares with a Neutral rating. They see limited upside over the next 12 months.
- Convergys (NYSE: CVG) was reinstated with a Hold rating and $19 target at Kaufman Bros, as they are not confident in the company's 2008 new signings outlook and is concerned that the current restructuring and headcount cuts will prove disruptive over the medium term.
OTHER INITIATIONS:
- First Solar (NASDAQ: FSLR) was initiated with a Buy rating and $360 target at UBS.
- Wachovia resumed coverage of News Corp (NYSE: NWS) with a Market Perform rating.
- Baird initiated Sealed Air (NYSE: SEE) with a Neutral rating.
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