Analyst initiations: Glu Mobile, USA Technologies, Fulton Financial

MOST NOTEWORTHY: Glu Mobile, USA Technologies and Fulton Financial were today's noteworthy initiations:

Merriman initiated Glu Mobile (NASDAQ: GLUU) with a Buy rating and thinks the valuation already reflects the potential effects of a slowdown in consumer spending. The firm believes shares have the potential to trade to a range of $8-$10.
Merriman also started USA Technologies (NASDAQ: USAT) with a Buy rating. The firm believes the company is uniquely positioned in the wireless machine-to-machine market given its initial traction with Coca-Cola Enterprises (NYSE: CCE) and Mastercard (NYSE: MA) in deploying a cashless payment solution for the beverage vending industry.
B. Riley believes Fulton Financial (NASDAQ: FULT) can return to its legacy of achieving consistent earnings growth with the resolution of the Resource Mortgage tribulations. The firm initiated shares with a Buy rating and $14 target.

OTHER INITIATIONS:

JP Morgan assumed Taser (NASDAQ: TASR) with an Overweight rating.
Calyon initiated Rowan Cos (NYSE: RDC) with an Add rating and $42 target.
Credit Suisse started VisionChina Media (NASDAQ: VISN) with an Outperform rating and $14 target.

Tags: CCE, FULT, GLUU, MA, RDC, TASR, USAT, VISN