MOST NOTEWORTHY: Catalyst Pharm, Ruth's Chris Steak House and Dynegy were today's noteworthy initiations:
- Rodman & Renshaw is optimistic on Catalyst Pharmaceutical Partners' (NASDAQ: CPRX) Vigabatrin in drug addiction, initiating shares with a Market Outperform rating and $9 target.
- SunTrust started Ruth's Chris Steak House (NASDAQ: RUTH) with a Neutral rating and $13 target, citing the difficult spending environment and cautious sentiment.
- Jefferies initiated shares of Dynegy Inc. (NYSE: DYN) with a Buy rating and $9 target and expects improved cash flow and earnings from the projected improvement in market heat rates in the Midwest and PJM.
OTHER INITIATIONS:
- Bear Stearns resumed coverage of Siemens AG (NYSE: SI) with an Outperform rating.
- Wachovia initiated the pharmaceutical services sector with an Overweight rating and started Covance Inc. (NYSE: CVD), Icon plc (NASDAQ: ICLR) and Kendle International (NASDAQ: KNDL) with Outperform ratings.
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