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MOST NOTEWORTHY: The U.S. Retail Hardlines Sector, the BioFuels Sector, Interpublic Group and Omnicom Group were today's noteworthy initiations:- Lehman initiated the Retail Hardlines Sector with a Neutral. The firm initiated coverage of Home Depot (NYSE: HD) and Lowe's (NYSE: LOW) with Overweight ratings and Best Buy (NYSE: BBY), Bed Bath & Beyond (NASDAQ: BBBY) and Williams Sonoma (NYSE: WSM) with Equal Weight ratings.
- Oppenheimer initiated Aventine Renewable (NYSE: AVR), Pacific Ethanol (NASDAQ: PEIX) and VeraSun Energy (NYSE: VSE) with Perform ratings. The firm is cautious on the industry due to higher feedstock costs.
- UBS initiated Interpublic Group (NYSE: IPG) and Omnicom Group (NYSE:OMC) with Buy ratings and an $11 target and $62 target, respectively. The firm views valuation as attractive.
- Morgan Stanley assumed coverage of International Flavors (NYSE: IFF) with an Overweight rating.
- Wachovia initiated CGI Group (NYSE: GIB) with a Market Perform rating.
- Leap Wireless (LEAP) was initiated at RBC Capital with a Sector Perform rating and $55 target.
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