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Analyst initiations: Entropic Comm, Epix Pharma, Hiland Partners

Posted Jan 16th 2008 12:25PM by Eric Buscemi (RSS feed)
Filed under: Analyst Initiations

MOST NOTEWORTHY: Entropic Comm, Epix Pharma and Hiland Partners were today's noteworthy initiations:

JMP Securities is positive on Entropic's (NASDAQ: ENTR) business with Verizon (NYSE: VZ) Fios and Dish/Echostar (NASDAQ: DISH) and expects other high volume deployments to be announced with other cable service providers. The firm assumed coverage with a Strong Buy rating and $10 target.
RBC Capital initiated Epix Pharma (NASDAQ: EPIX) with an Outperform rating and $6 target, as they are positive on the company's four programs targeting novel GPCR receptors, partnership deals with GlaxoSmithKline (NYSE: GSK) and Amgen (NASDAQ: AMGN), and low valuation.
Morgan Keegan initiated Hiland Partners (NASDAQ: HLND) with an Outperform rating, as they view the company's units as undervalued.

OTHER INITIATIONS:

JP Morgan initiated Comverge (NASDAQ: COMV) with a Market Perform rating.
UBS initiated Danaher (NYSE: DHR) with a Buy rating and $95 target.
Benchmark Electronics (NYSE: BHE) was initiated with an Equal Weight rating and $18 target at Lehman.

MOST NOTEWORTHY: Celgene (CELG), Flextronics (FLEX), TradeStation (TRAD) and Assisted Living Concepts (ALC) were today's noteworthy initiations:

Jefferies is positive on Celgene (NASDAQ: CELG) over the longer term given the company's robust earnings growth potential and strong cash flow prospects, and started shares with a Buy.

Flextronics (NASDAQ: FLEX) was assumed with a Buy rating at Banc of America, who called the proposed acquisition of Solectron (SLR) a positive.

Friedman Billings believes TradeStation's (NASDAQ: TRAD) unique platform differentiates it from the competition and gives it a sustained advantage, starting shares with an Outperform.

Ferris Baker Watts initiated Assisted Living (NYSE: ALC) with a Buy rating, calling shares attractive...

OTHER INITIATIONS:

Banc of America assumed Benchmark Electronics (NYSE: BHE) and Flextronics with Buy ratings as well as Celestica (CLS, target $6), Plexus (NASDAQ: PLXS), Solectron, Sanmina-SCI Corp (NASDAQ: SANM) with Neutral ratings.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: The electronics manufacturing services sector was today's noteworthy initiation:

Credit Suisse initiated coverage of the EMS sector with an Underweight. The firm believes the industry is burdened with overcapacity in high-cost manufacturing regions, with hyper competition, allowing for no pricing power.

The analyst initiated Flextronics International Ltd (NASDAQ: FLEX) with an Outperform rating.
Benchmark Electronics, Inc (NYSE: BHE), Jabil Circuit, Inc (NYSE: JBL), Plexus Corp (NASDAQ: PLXS) and Sanmina-SCI Corp (NASDAQ: SANM) were started with Neutral ratings.
Celestica Inc (NYSE: CLS) and Solectron Corp (NYSE: SLR) were initiated with Underperform ratings.

OTHER INITIATIONS:

Nollenberger initiated Chico's FAS, Inc (NYSE: CHS), Cache, Inc (NASDAQ: CACH) and AnnTaylor Stores Corp (NYSE: ANN) with Neutral ratings.
Nollenberger also started coverage of Bebe Stores, Inc (NASDAQ: BEBE) and American Eagle Outfitters (NYSE: AEO) with Buy ratings.