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MOST NOTEWORTHY: California Pizza, Lawson Software and Bare Escentuals were today's noteworthy initiations:
- Oppenheimer initiated California Pizza (NASDAQ:CPKI) with a Perform rating. The firm is neutral on the stock given the company's exposure to California and diminishing returns in new markets.
- KeyBanc initiated Lawson Software (NASDAQ:LWSN) with a Hold based on expectations that 1H09 will be challenged by a TTM sales headcount decline and the difficult IT spending environment.
- William Blair assumed Bare Escentuals (NASDAQ:BARE) with an Outperform rating. The firm estimates the company owns only a modest single-digit share of the nearly $9B U.S. cosmetics market, making its market opportunity attractive.
OTHER INITIATIONS:
- Citigroup initiated Hess Corp (NYSE:HES) with a Hold rating and $133 target.
- NetSuite (NYSE:N) was started with a Sell rating and $14 target at Piper.
- Morgan Keegan initiated Berry Petroleum (NYSE:BRY) with an Outperform rating.
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