Analyst initiations: Cougar Biotech, Penford, AtriaCure

Posted Dec 19th 2007 11:34AM by Eric Buscemi
Filed under: Analyst Initiations

MOST NOTEWORTHY: Cougar Biotech, Penford and AtriaCure were today's noteworthy initiations:

Oppenheimer believes Cougar Biotech's (NASDAQ: CGRB) lead compound abiraterone is well positioned to address two underserved lines of therapy in prostate cancer with highly unmet medical needs. The firm assumed coverage of Cougar with a Buy rating and $43 target.
Jefferies believes Penford's (NASDAQ: PENX) initiatives to improve product mix and increase returns on capital should lift the company's valuation multiples, starting shares with a Buy rating and $33 target.
AtriaCure (NASDAQ: ATRC) was initiated with an Outperform rating and $17 target at Barrington, as they have confidence the company's minimally invasive approach will be the standard of care procedure for the less invasive surgical management of atrial fibrillation.

OTHER INITIATIONS:

Penske Automotive (NYSE: PAG) was initiated with a Reduce rating and $17 target at Calyon.
Broadpoint initiated Applied Material (NASDAQ: AMAT) with a Neutral rating.
Jefferies initiated eHealth (NASDAQ: EHTH) with a Buy rating and $36 target.

Tags: AMAT, ATRC, CGRB, EHTH, INITIATIONs, PAG, PENX