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Analyst initiations: SFLY, DSCM, SYBT and SRCL

MOST NOTEWORTHY: Shutterfly, Drugstore.com, S.Y. Bancorp and Stericycle were today's noteworthy initiations:

Oppenheimer started shares of Shutterfly Inc (NASDAQ: SFLY) with a Buy rating and $42 target. The firm believes secular growth in digital photography and increasing adoption of user generated print publishing will drive EBITDA growth of 30%-40% over the next 2-3 years.
Oppenheimer also initiated Drugstore.com Inc (NASDAQ: DSCM) with a Buy rating and $5 target, as they expect growth in the company's higher margin beauty segment could drive EBITDA above consensus estimates.
Baird is positive on S.Y. Bancorp Inc's (NASDAQ: SYBT) valuation, capital-rich balance sheet, and top-tier profitability and resumed coverage with an Outperform rating.
The firm also started shares of Stericycle Inc (NASDAQ: SRCL) with a Neutral rating, noting it would be more aggressive on shares in the mid-$40s or if earnings catch up with the passing of time.

OTHER INITIATIONS:

UBS initiated Praxair Inc (NYSE: PX) with a Buy rating and $94 target and added shares to its Strategic Stock Selection List.
Lehman initiated Infosys Technologies Ltd (NASDAQ: INFY) with an Equal Weight rating and Wipro Limited (NYSE: WIT) with an Underweight rating.
William Blair reinstated coverage of the commercial real estate services sector, starting FirstService Corporation (NASDAQ: FSRV) with an Outperform rating, Jones Lang LaSalle Incorporated (NYSE: JLL) with a Market Perform rating and CB Richard Ellis Group Inc (NYSE: CBG) with a Market Perform rating.