Analyst initiations: Microsoft, DuPont, IPC The Hospitalist Co.

MOST NOTEWORTHY: Microsoft, IPC The Hospitalist Co and DuPont were today's noteworthy initiations:

Jefferies believes Microsoft's (NASDAQ: MSFT) bid for Yahoo (NASDAQ: YHOO) and more conciliatory tone towards regulators signals a shift in strategy from defense to offense. The firm started shares with a Buy rating and $33 target.
Wachovia believes IPC The Hospitalist (NASDAQ: IPCM) is well-positioned to gain share in the fragmented hospitalist market given its experienced management team, operating history, and proven track-record; shares were initiated with an Outperform rating at Wachovia and with an Outperform rating and $27 target at Credit Suisse.
DuPont (NYSE: DD) was initiated with an Outperform rating and $57 target at Credit Suisse, as they believe the company's number two seed position in North America looks secure.

OTHER INITIATIONS:

B. Riley initiated VASCO Data Security (NASDAQ: VDSI) with a Buy rating and $18 target.
Morgan Stanley initiated Liberty Entertainment (NASDAQ: LMDIA) with an Overweight rating; shares were also initiated with an Outperform rating at Wachovia.
Credit Suisse added shares of Elan Corp (NYSE: ELN) to its Focus List and started shares with an Outperform rating.

Tags: analyst, dd, dupont, elan, eln, initiation, ipc, ipcm, liberty, lmdia, microsoft, msft, vasco, vdsi, yahoo, yhoo