MOST NOTEWORTHY: CDC Corporation topped today's modest list of initiations:
- Shares of CDC Corp (NASDAQ:CHINA) were initiated by Oppenheimer with a Buy rating and $12 target, as the firm expects CDC to unlock shareholder value by spinning off its software and games business into separately traded companies in the first-half of 2007.
OTHER INITIATIONS:
- On2 Technologies (AMEX:ONT) was initiated with a Buy rating and $1.40 target at ThinkEquity, and the firm believes that On2 will capitalize on its continued success in Flash, also noting that Adobe Systems (NASDAQ:ADBE) licenses the company video codec in its Flash player 8.
- Soleil believes Middleby Corp (NASDAQ:MIDD) is positioned to benefit from switching to more energy-efficient models in restaurants from the current equipment, and has initiated the Illinois-based company with a Buy rating and $134 target.
- Deutsche Bank initiated GPC Biotech AG (NASDAQ:GPCB) with a Buy rating; they believe shares could double in a best-case scenario.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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MOST NOTEWORTHY: Merck, On2 Technologies and Zions Bancorp were today's noteworthy downgrades: 
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