MOST NOTEWORTHY: Kohlberg Capital, ClickSoftware and Liberty Property Trust were today's noteworthy initiations:

• JMP Securities started shares of Kohlberg Capital (NASDAQ: KCAP) with an Outperform rating and $14 target. The firm believes Kohlberg Capital's alliance with Kohlberg and Company allows Kohlberg Capital to take advantage of considerable expertise. JMP Securities believes Kohlberg Capital has an attractive risk/reward ratio.
  
• Roth Capital initiated ClickSoftware (NASDAQ: CKSW) with a Hold rating and $3.60 target and expects EPS pressure from the depreciating dollar near-term.
  
• Liberty Property Trust (NYSE: LRY) was initiated with a Hold rating at Stifel, citing lack of internal earnings divers and fair valuation.

OTHER INITIATIONS:

• Oppenheimer initiated VisionChina Media (NASDAQ: VISN) with a Perform rating and $25 target.
  
• Merrill assumed MGM Mirage (NYSE: MGM) with a Neutral rating.
  
• Morgan Stanley started BJ's Wholesale (NYSE: BJ) and Costco (NASDAQ: COST) with Equal Weight ratings.

Last week, AirMedia (NASDAQ: AMCN) scored big on its IPO debut – despite a tough market environment. The company operates the largest ad network for the travel industry in China (such as for airports and airliners).

Well, now investors will get another bite at the apple. That is, VisionChina has filed for an IPO.

The company operates the largest out-of-home ad network that uses real-time digital TV broadcasts in mass transit systems (primarily busses). There is coverage in 14 cities in China, with roughly 33,000 digital TV displays.

VisionChina has snagged more than 230 sponsors, which include biggies like Yum! Brands (NYSE: YUM), Guangxi Wuzhou Pharmaceutical Group, and Nice Group.

The company launched its services in April 2005. Since then, revenues have surged – reaching $17.4 million for the first nine months of 2007. Net income is about $3.7 million.

The lead underwriters on the IPO include Credit Suisse (NYSE: CS) and Merrill Lynch (NYSE: MER). The proposed ticker symbol is "VISN."

You can find the prospectus at the SEC website. And, to check out other recent IPO activity, visit DealProfiles.com.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements.