MOST NOTEWORTHY: GMX Resources, Glacier Bancorp and Brown and Brown were today's noteworthy initiations:
- Jefferies initiated GMX Resources (NASDAQ: GMXR) with a Buy rating and $40 target and believes the company's valuation discount to its NAV will narrow as management refocuses its efforts on its base Cotton Valley development program.
- Glacier Bancorp (NASDAQ: GBCI) was assumed with a Neutral rating and $20 target at B. Riley, as they think bank multiples are unlikely to rise much further, given the ongoing problems in the housing market and continued deterioration in credit quality.
- Brown and Brown (NYSE: BRO) was initiated with a Buy rating and $23 at Suntrust. The firm believes softness in the insurance market is now reflected in valuation.
OTHER INITIATIONS:
- Stephens assumed Online Resources (NASDAQ: ORCC) with an Overweight rating and $13 target.
- W.R. Berkley (NYSE: BER) was initiated with a Market Perform rating and $34 target at Keefe Bruyette.
- Morgan Keegan initiated Finisar (NASDAQ: FNSR) with an Outperform rating.
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