Analyst initiations: TWTC, VRGY and EAT

MOST NOTEWORTHY: Time Warner Telecom, Verigy and Brinker were today's noteworthy initiations:

Friedman Billings expects Time Warner Telecom (NASDAQ: TWTC) to post free cash flow growth above consensus expectations and believes carrier spending-concerns are overdone. The firm initiated shares with an Outperform rating and $20 target.
Oppenheimer initiated Verigy (NASDAQ: VRGY) with a Perform rating and $23 target, pointing to the company's tough year over year comps as PC unit growth slows in 2008 as well as its exposure to flash memory chips.
Brinker (NYSE: EAT) was assumed with a Neutral rating at Suntrust, as they expect Chili's to continue to be impacted by weak consumer spending.

OTHER INITIATIONS:

Baird assumed Ulta Salon (NASDAQ: ULTA) with an Outperform rating and $18 target.
Lions Gate (NYSE: LGF) was initiated at Jefferies with a Hold rating and $10-$11 target.
Landstar System (NASDAQ: LSTR) was initiated with a Market Perform rating at Morgan Keegan.

Tags: analyst, brinker, eat, initiation, landstar system, LandstarSystem, lgf, lions gate, LionsGate, lstr, time warner telecom, TimeWarnerTelecom, twtc, ulta, ulta salon, UltaSalon, verigy, vrgy