Analyst initiations: IBM, ENTR and FARO

MOST NOTEWORTHY: IBM, Entropic Comm and FARO Tech were today's noteworthy initiations:

BMO Capital is positive on IBM (NYSE: IBM) given the company's reduced pension and stock buyback, opportunity to increase the mix of software, new mainframe cycle, and the company's diverse revenue stream. Shares were initiated with an Outperform rating and $138 target.
Merriman views Entropic Comm (NASDAQ: ENTR) as a core holding for investors seeking exposure to the rapidly growing home networking market and finds the current valuation attractive; the firm started shares with a Buy rating.
Friedman Billings assumed FARO Tech (NASDAQ: FARO) with an Outperform rating and $42 target. The firm expects FARO's secular growth to drive sales as the company's products meet the needs of the largest emerging market for software-based manufacturing measurement systems.

OTHER INITIATIONS:

Oppenheimer initiated MedAssets (NASDAQ: MDAS) with a Perform rating and $20 target.
Broadcom (NASDAQ: BRCM) was initiated at Baird with a Neutral rating and $29 target.
LoopNet (NASDAQ: LOOP) was assumed with an Equal Weight rating and $15 target at Stephens.

Tags: analyst, brcm, entr, faro, ibm, initiation, loop, mdas