MOST NOTEWORTHY: Horace Mann, Sonus Networks and Mellanox were today's noteworthy initiations:

• Keefe Bruyette views Horace Mann (NYSE: HMN) as fairly valued and expects the competitive personal lines environment and deteriorating loss trends to act as strong headwinds. Shares were assumed with a Market Perform rating and $19 target.
  
• Thomas Weisel initiated Sonus Networks (NASDAQ: SONS) with a Market Weight rating and $3.50 target and believes management's expectation for 20% FY08 revenue growth is too aggressive.
  
• Susquehanna expects Mellanox (NASDAQ: MLNX) to benefit from the growing end markets for InfiniBand technology, and started shares with a Positive rating and $20 target.

OTHER INITIATIONS:

• Jefferies initiated McKesson (NYSE: MCK) with a Buy rating and $67 target.
  
• Philip Morris (NYSE: PM) was initiated at JP Morgan with an Overweight rating and $62 target, and added to the firm's Analyst Focus List.
  
• Baird started Pharmasset (NASDAQ: VRUS) with a Neutral rating and $21 target.