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MOST NOTEWORTHY: The Metals and Mining sector, Lamar Advertising and Rigel Pharmaceuticals were today's noteworthy initiations:
- Banc of America initiated the Metals and Mining sector with an Equal Weight rating and believes investors should take a selective approach to stocks in the group. The firm initiated Alcoa (NYSE: AA) and RTI International Metals (NYSE: RTI) with Buy ratings and a $44 target and $41 target, and started Allegheny Tech (NYSE: ATI), Century Aluminum (NASDAQ: CENX) and Titanium Metals (NYSE: TIE) with Neutral ratings and a $64 target, $58 target and $12 target, respectively.
- Lamar Advertising (NASDAQ: LAMR) was initiated at Caris with an Above Average rating and $40 target. Caris is positive on the company's North American focus and exposure to the aggressive deployment of digital boards.
- Stanford believes Rigel Pharma's (NASDAQ: RIGL) lead drug R788 has the potential to be the first oral drug for rheumatoid arthritis and expects clinical news flow and partnerships to serve as catalysts. Shares were initiated with a Buy rating and $30 target.
OTHER INITIATIONS:
- Thomas Weisel assumed Salesforce.com (NYSE: CRM) with an Overweight rating and $90 target.
- International Flavors (NYSE: IFF) was initiated at Lehman with an Underweight rating.
- JP Morgan started Ares Capital (NASDAQ: ARCC) with an Underweight rating.
