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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:
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