Tax Reform in This Election Year: It's Not Likely
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MOST NOTEWORTHY: Suntech Power (STP), MetroPCS (PCS), Micron Tech (MU) and Charles River Labs (CRL) were today's noteworthy initiations: - JP Morgan initiated shares of Suntech Power Holdings (NYSE: STP) with a Neutral rating, citing valuation. The firm prefers the stock to peers given the company's larger scale, solid supplier relationships and exposure to new technologies.
- JP Morgan also started shares of MetroPCS Communications (NYSE: PCS) with a Neutral rating, as it likes the company's model, but sees greater upside in peers like Clearwire Corporation (NASDAQ: CLWR), Sprint Nextel Corporation (NYSE: S), Leap Wireless (NASDAQ: LEAP) and Rogers Communications (NYSE: RCI).
- William Blair believes Charles River Labs (NYSE: CRL) is the best pure-play investment in preclinical development given its dominant franchise in animal disease models, and started shares with an Outperform rating.
- Gabelli initiated shares of Tenaris SA (NYSE: TS) with a Buy rating and $68 target.
- RBC Capital started shares of Time Warner Cable (NYSE: TWC) with a Sector Perform rating and $39 target.
- CDC Corporation (NASDAQ: CHINA) was started at ThinkEquity with a Buy rating and $11 target.
- Suntrust started shares of Owens Corning (NYSE: OC) with a Neutral rating.
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