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MOST NOTEWORTHY: Garmin Ltd (GRMN) and USA Mobility (USMO) were today's notable initiations.- JMP Securities initiated Garmin Ltd (NASDAQ: GRMN) with a Market Outperform and $60 target, saying that Garmin will benefit from strong GPS unit growth rates, a pick-up in aviation growth, also noting that checks indicate Garmin sales were strong over the holiday period.
- Soleil Securities started USA Mobility (NASDAQ: USMO) with a Sell rating and $11 target, as they believe USA Mobility is overvalued in a deteriorating industry.
OTHER INITIATIONS:
- USB initiated Level 3 Communications (NASDAQ: LVLT) with a Neutral rating and $7 target.
- First Albany started Quest Software (NASDAQ: QSFT) with a Neutral rating and $17 target, expecting volatile shares in the near-term due to the options investigation, but expects a resolution in 2007.
- BBN&T initiated NutriSystem Inc (NASDAQ: NTRI) with a Buy rating and $84 target. The firm believes NutriSystem is well positioned to sustain healthy earnings growth given consumer weight problems, along with the effectiveness and low consumer awareness of their program.
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