Analyst initiations: GMXR, GBCI and BRO

Posted Feb 22nd 2008 12:15PM by Eric Buscemi
Filed under: Analyst Initiations

MOST NOTEWORTHY: GMX Resources, Glacier Bancorp and Brown and Brown were today's noteworthy initiations:

Jefferies initiated GMX Resources (NASDAQ: GMXR) with a Buy rating and $40 target and believes the company's valuation discount to its NAV will narrow as management refocuses its efforts on its base Cotton Valley development program.
Glacier Bancorp (NASDAQ: GBCI) was assumed with a Neutral rating and $20 target at B. Riley, as they think bank multiples are unlikely to rise much further, given the ongoing problems in the housing market and continued deterioration in credit quality.
Brown and Brown (NYSE: BRO) was initiated with a Buy rating and $23 at Suntrust. The firm believes softness in the insurance market is now reflected in valuation.

OTHER INITIATIONS:

Stephens assumed Online Resources (NASDAQ: ORCC) with an Overweight rating and $13 target.
W.R. Berkley (NYSE: BER) was initiated with a Market Perform rating and $34 target at Keefe Bruyette.
Morgan Keegan initiated Finisar (NASDAQ: FNSR) with an Outperform rating.

Tags: BER, BRO, Brown and Brown, BrownAndBrown, Finisar, FNSR, GBCI, Glacier Bancorp, GlacierBancorp, GMX Resources, GMXR, GmxResources, Online Resources, OnlineResources, ORCC, W.R. Berkley, W.r.Berkley