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MOST NOTEWORTHY: Infosys Technologies, Cognizant and Ansys and were today's noteworthy initiations:
- Infosys Technologies (NASDAQ: INFY) was initiated with a Buy rating and $54 target at Kaufman, as their checks indicate no signs of a slowdown in the Indian software services market. They believe the stock is getting no premium for its defensive nature.
- Kaufman also initiated Cognizant (NASDAQ: CTSH) with a Hold rating and $35 target and believes the company's less defensive revenue mix could cause its P/E multiple to trend below rivals.
- Ansys (NASDAQ: ANSS) was initiated with a Hold rating and $39 target at Jefferies. The firm recommends waiting for a better entry point given the peak operating margins, a more challenging macro backdrop and tougher comps.
OTHER INITIATIONS:
- Wachovia initiated Invesco (NYSE: IVZ) with a Market Perform rating.
- Dynegy (NYSE: DYN) was assumed with a Buy rating and $9.50 target at Merrill.
- Navios Maritime (NYSE: NMM) was started with an Overweight rating at JP Morgan.
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