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MOST NOTEWORTHY: WuXi Pharma, Apple and Genentech were today's noteworthy initiations:
- Global Hunter expects WuXi Pharma (NYSE:WX) to remain under pressure in the near-term due to gross margin constraints and dilution risk from the AppTec acquisition. The firm finds the stock fairly valued at current levels and initiated shares with a Neutral rating.
- ThinkPanmure assumed Apple (NASDAQ:AAPL) with a Buy rating and $225 target and recommends investors take advantage of recent weakness to build core positions.
- Genentech (NYSE:DNA) was started at Deutsche Bank with a Buy rating and $83 target. The firm sees limited downside and the potential for significant upside if Avastin works in adjuvant colon cancer.
OTHER INITIATIONS:
- NetLogic (NASDAQ:NETL) was initiated with a Neutral rating and $36 target at Piper.
- UBS assumed Seattle Genetics (NASDAQ:SGEN) with a Neutral rating and $10 target.
- Rowan Companies (NYSE:RDC) was started with a Buy rating and $70 target at Jesup & Lamont.
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