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GuidanceSoftware posts

Analyst initiations: AMD, INTC, NTCT, GUID and NDAQ

MOST NOTEWORTHY: Advanced Micro Devices, Intel Corporation, Netscout Systems, Guidance Software and Nasdaq were today's noteworthy initiations:

Morgan Stanley started shares of Advanced Micro Devices Inc (NYSE: AMD) and Intel Corporation (NASDAQ: INTC) with Underweight ratings and a $11 target and $22 target, respectively. The firm recommends selling shares of both as they expect an inventory correction and increasingly aggressive price environment.
Kaufman Brothers initiated shares of Netscout Systems Inc (NASDAQ: NTCT) with a Buy rating and $13.50 target. The firm is positive on the Network General acquisition and believes successful integration as well as continued improvement in sales execution will drive shares higher.
Roth Capital resumed coverage of Guidance Software Inc (NASDAQ: GUID) with a Buy rating and $15 target and said the company is the market leader for digital forensics and that new regulations have accelerated electronic discovery in the forensic market.
Jefferies started shares of The Nasdaq Stock Market Inc (NASDAQ: NDAQ) with a Buy rating and $45 target and believes the company's relative underperformance over the past two years creates an attractive entry point as earnings are poised to accelerate.

OTHER INITIATIONS:

Credit Suisse initiated the small-cap biotechnology sector, starting shares of Poniard Pharmaceuticals Inc (NASDAQ: PARD), Dyax Corp (NASDAQ: DYAX) and Dynavax Technologies Corporation (NASDAQ: DVAX) with Outperform ratings and targets of $9, $7 and $8, respectively.
Broadpoint initiated Lululemon Athletica Inc (NASDAQ: LULU) with a Neutral rating.
JP Morgan started shares of Vornado Realty Trust (NYSE: VNO) and Douglas Emmett Inc (NYSE: DEI) with Neutral ratings.

MOST NOTEWORTHY: Nordstrom Inc (JWN) and Federated Dept Stores (FD) were today's most notable initiations:

JP Morgan initiated Federated Dept Stores (NYSE: FD) with a Neutral rating. They believe Federated's merger remains a struggle while the company's valuation is stretched.
JP Morgan see Nordstrom Inc (NYSE: JWN) as one of the strongest retail models in their universe, but consider the stock's valuation to be rich. The firm initiated Nordstrom with a Neutral rating.

OTHER INITIATIONS:

IPG Photonics (NASDAQ: IPGP), a designer and manufacturer of optical fiber-based lasers and fiber amplifiers, was initiated at five research firms this morning: Needham, Jefferies and Merrill Lynch with a Buy rating, Lehman Brothers with an Equal Weight rating and Thomas Weisel with an Overweight.

Guidance Software (NASDAQ: GUID) was initiated at three firms: With a Buy rating at AG Edwards, an Overweight rating at Morgan Stanley and an Outperform rating at Wachovia.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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