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MOST NOTEWORTHY: GlaxoSmithKline, FreeSeas and SINA Corp were today's noteworthy initiations:
- ING believes GlaxoSmithKline (NYSE: GSK) should benefit from the appointment of Andrew Witty as CEO and see limited downside risks. The firm initiated shares with a Buy rating.
- FreeSeas (NASDAQ: FREE) was started at Oppenheimer with an Outperform rating and $8 target, as they view FREE as an early stage growth company in the smaller dry-bulk vessel segment and finds the valuation attractive at current levels.
- Kaufman Bros. initiated SINA Corp (NASDAQ: SINA) with a Buy rating and $4.50 target, and believes China represents a compelling long-term growth opportunity.
OTHER INITIATIONS:
- Level 3 Comm (NASDAQ: LVLT) was initiated with a Underperform rating at Wachovia.
- Jefferies assumed Savient Pharma (NASDAQ: SVNT) with a Buy rating and $30 target.
- Lehman initiated Brown & Brown (NYSE: BRO) with an Underweight rating.
