MOST NOTEWORTHY: SRS Labs, Tennant and Entergy were today's noteworthy initiations:

• B. Riley initiated SRS Labs (NASDAQ: SRSL) with a Neutral rating and $7 target. The firm believes expectations for Q2 and FY08 may be high as the company ramps marketing spend in the face of difficult macro economic conditions.
  
• Jefferies assumed Tennant (NYSE: TNC) with a Hold rating and $32 target which reflects their macro economic outlook for end markets in North America and Western Europe.
  
• Wachovia is positive on Entergy's (NYSE: ETR) shareholder-friendly management, strong financial position, and leverage to favorable wholesale power market trends. Shares were initiated with an Outperform rating.

OTHER INITIATIONS:

• ThinkPanmure initiated Knot Inc. (NASDAQ: KNOT) with a Source of Funds rating and $8 target.
  
• Qualcomm (NASDAQ: QCOM) was started with a Buy rating and $61 target at Citigroup.
  
• HSBC assumed Spreadtrum (NASDAQ: SPRD) with an Overweight rating.

MOST NOTEWORTHY: Riverbed Technology (RVBD), Silicon Storage (SSTI), Regal Entertainment (RGC), Fannie Mae (FNM) and Freddy Mac (FRE) were today's more noteworthy initiations:

• CIBC initiated shares of Riverbed Technology (NASDAQ: RVBD) with a Sector Performer rating, citing valuation. The firm believes the mobile opportunity is a wild card, and cites increased Cisco Systems (CSCO) risk.

• Silicon Storage (NASDAQ: SSTI) as announced several new products in late 2006 and 1H07 with shipments expected to start in 2H07 along with significant revenues in 2008; Barrington initiated shares with a Market Perform rating.

• Ferris Baker Watts initiated Regal Entertainment (NYSE: RGC) with a Neutral rating, seeing annual top-line growth only in the low- to mid-single digits.

• Fox-Pitt Kelton believes both Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) are finally set to emerge from restatement issues with new accounting procedures and operating systems in place, initiating both companies with an Outperform rating...

OTHER INITIATIONS:

• Needham initiated Tennant (NYSE: TNC) with a Buy rating.

• Merrill Lynch started TriZetto Group (NASDAQ: TZIX) and Eclipsys (NASDAQ: ECLP) with Neutral ratings.

• CIBC started Centene (NYSE: CNC) with a Sector Performer rating.

• Deutsche initiated Thomson (NYSE: TOC) with a Buy rating.

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