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MOST NOTEWORTHY: Cavium Networks Inc (NASDAQ:
CAVM),
Travel Centers of America LLC (AMEX:
TA) and
MetroPCS Communications Inc (NYSE:
PCS) were today's noteworthy initiations:
- Cavium Networks was initiated with a Strong Buy rating and $25 target at JMP Securities. The firm's checks indicate significant momentum for Cavium's products and cites good visibility. Cavium was also initiated with a Market Weight rating at Thomas Weisel, which finds shares fairly-valued at current levels, with a Buy rating and $25 target at Needham, with an Equal Weight rating and $22 target at Lehman Brothers, with an Equal Weight rating at Morgan Stanley and with a Buy rating and $26 target at Deutsche Bank, which expects over 50% revenue growth from 2006-2009 due to the growth in the company's network processor product line.
- TravelCenters of America was initiated with a Buy rating and $54 target at Ferris Baker Watts and with a Buy rating and $70 target at BWS Financial, as the firm is positive on TA's earnings power and valuation.
- Citigroup initiated shares of MetroPCS with a Buy rating and $40 target. The firm believes the company's coupled with deepening penetration in its core markets should produce revenue and FCF growth that exceeds the maturing industry average.
OTHER INITIATIONS:
- IntercontinentalExchange Inc (NYSE: ICE) was initiated with an Outperform rating at Credit Suisse.
- Janco initiated shares of Foundry Networks Inc (NASDAQ: FDRY) with a Buy rating and $19.50 target, as the firm believes the company's new products put it in a position to gain market share.
- CIBC World Markets initiated shares of Accuray Incorporated (NASDAQ: ARAY) with a Sector Underperformer rating and $19 target.
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