Analyst initiations: ASIA, WAL and GLAD

MOST NOTEWORTHY: AsiaInfo Holdings, Western Alliance Bancorp and Gladstone Capital were today's noteworthy initiations:

• Kaufman Bros. believes AsiaInfo Holdings (NASDAQ: ASIA) is the leading provider of software to Chinese telecommunications firms, which they note are in the midst of a spending increase to upgrade legacy billing and CRM software systems. The firm initiated shares with a Buy rating and $15 target.
• Keefe Bruyette resumed coverage of Western Alliance Bancorp (NYSE: WAL) with a Market Perform rating and $14 target and sees the potential for short-term real estate headline risk.
• Gladstone Capital (NASDAQ: GLAD) was assumed with a Perform rating at Oppenheimer. The firm believes the increasingly challenging macroeconomic environment raises the risk of deteriorating credit quality and finds shares fairly priced at current levels.

OTHER INITIATIONS:

• JMP Securities initiated TheStreet.com (NASDAQ: TSCM) with an Outperform rating and $13 target.
• Baird initiated Buffalo Wild Wings (NASDAQ: BWLD) with a Neutral rating and $26 target.
• Informatica (NASDAQ: INFA) was initiated with a Buy rating at Broadpoint.