Analyst initiations: Google, Boyd Gaming, Microsoft

MOST NOTEWORTHY: Google, Boyd Gaming and Microsoft were today's noteworthy initiations:

Kaufman Bros. believes Google (NASDAQ: GOOG) has "only begun to scratch the surface" of its local market opportunity. Shares were assumed with a Buy rating and $680 target.
Banc of America believes Boyd Gaming (NYSE: BYD) will face financing challenges with its Echelon resort, and initiated shares with a Sell rating and $14 target.
Lehman reinstated Microsoft (NASDAQ: MSFT) with an Equal Weight rating and $34 target based on peaking Vista/Office 2007 cycles, uncertain online strategy, and increased investment.

OTHER INITIATIONS:

Goldman started AON Corp. (NYSE: AOC) with a Neutral rating.
Broadpoint initiated Covanta (NYSE: CVA) with a Buy rating and $32 target.
Companhia Vale Do Rio Doce (NYSE: RIO) was assumed at Citigroup with a Buy rating and $48 target.

Tags: analyst, aoc, aon, boyd, byd, covanta, cva, goog, google, initiation, microsoft, msft, rio, vale

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