MOST NOTEWORTHY:

• Merriman assumed coverage of Mechanical Technology (NASDAQ:MKTY) with a Buy rating and expects share appreciation as they company pursues the large market for charging and powering cell phones, digital cameras, digital video equipment and PDAs. They believe a 12-month stock price range of $2.50-$3.00 is justified.
  
• Jefferies initiated Range Resources (NYSE:RRC) with a Buy rating and $65 target as they believe the company is well-positioned to generate above-average production/reserve growth over the next several years.
  
• Venoco (NYSE:VQ) was initiated with a Hold rating and $21 target at Jefferies. The firm thinks some slippage in the timing of pipeline projects is possible and feels the company's 2008 production outlook could prove to be overly optimistic.

• Bank of New York (NYSE:BK) was initiated with an Outperform rating at William Blair.
  
• Deutsche Bank initiated Medco Health (NYSE:MHS) with a Buy rating and $130 target.
  
• Societe Generale started Philips Electronics (NYSE:PHG) with a Buy rating.

Analyst initiations: MKTY, RRC and VQ originally appeared on BloggingStocks on Fri, 11 Jan 2008 11:34:00 EST. Please see our terms for use of feeds.