Analyst initiations: Glu Mobile, USA Technologies, Fulton Financial
Posted Feb 13th 2008 12:20PM by Eric Buscemi
Filed under: MasterCard Inc'A' (MA), Coca-Cola Enterprises (CCE), Analyst initiations
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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
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