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Analyst initiations: V, BEAT and MOT

MOST NOTEWORTHY: Visa, Cardionet and Motorola were today's noteworthy initiations:

RBC initiated Visa Inc (NYSE: V) with an Outperform based on margin expansion opportunities, the secular growth story towards electronic payments, lack of credit risk, and international opportunities. Piper started Visa with a Neutral rating. While the firm believes that Visa should generate long-term earnings growth and free cash flow, the firm thinks that Visa's valuation has increased the risk that strong earnings growth may not meet investors' expectations. However, the firm believes that Visa can still post strong results despite the U.S. consumer slowdown. Goldman initiated Visa with a Buy rating and $90 target and Morgan Stanley started shares with an Equal Weight rating and $75 target.
Citigroup rated Cardionet Inc (NASDAQ: BEAT) a Buy, citing favorable arrhythmia monitoring trends. The firm has a $26 target on Cardionet.
Motorola Inc (NYSE: MOT) was assumed with an Equal Weight rating and $75 target at Morgan Stanley on valuation.

OTHER INITIATIONS:

Merriman initiated Netezza Corporation (NYSE: NZ) with a Neutral rating.
Credit Suisse started Cascal N.V. (NYSE: HOO) with a Neutral rating and $11.65 target.

MOST NOTEWORTHY: Smart Balance, Cascal NV and Ashland were today's noteworthy initiations:

Citigroup initiated Smart Balance (NASDAQ: SMBL) with a Hold rating and $9 target, as they believe success of the company's new products is not a foregone conclusion and prefers to wait for increased visibility before becoming more positive on the name.
JP Morgan believes Cascal NV (NYSE: HOO) will leverage its global scale and expertise in water infrastructure markets to drive 25% annual EPS growth through 2010. The firm has an Overweight rating on the stock.
Ashland (NYSE: ASH) was started with a Positive rating as Susquehanna, as they are positive on ASH's earnings power. The firm views shares as a compelling risk/reward opportunity.

OTHER INITIATIONS:

Broadpoint assumed SuccessFactors (NASDAQ: SFSF) with a Strong Buy rating and $12 target.
Morgan Stanley initiated Fastenal (NASDAQ: FAST) with an Equal Weight rating and $40 target.
RBC Capital started Ultra Petroleum (NYSE: UPL) with a Sector Perform rating and $80 target.