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Analyst initiations 9-4-07: VOLT, PWRD and ASPV

Posted Sep 4th 2007 12:00PM by Eric Buscemi (RSS feed)
Filed under: Analyst Reports, Analyst Initiations

MOST NOTEWORTHY: European banks, Voltaire, Perfect World and Aspreva Pharmaceuticals were today's noteworthy initiations:

Morgan Stanley assumed coverage of Credit Suisse Group (NYSE: CS) with an Overweight rating, Deutsche Bank AG (NYSE: DB) with an Equal Weight rating and UBS AG (NYSE: UBS) with an Underweight rating.
Voltaire Ltd (NASDAQ: VOLT) was started with a Buy rating and $29 target at Goldman Sachs, with a Neutral rating at JP Morgan, with an Overweight rating and $12 target at Thomas Weisel and with an Outperform rating and $15 target at RBC Capital. Thomas Weisel said the market gives Voltaire very little credit for its strong position in the rapidly growing Infiniband switch market and RBC Capital believes the stock has impressive growth and gross margin momentum.
Perfect World Co Ltd (NASDAQ: PWRD) was initiated with a Positive rating at Susquehanna, as the firm is positive on its growth potential in the online gaming industry in China.
Aspreva Pharmaceuticals Corporation (NASDAQ: ASPV) was initiated with a Sector Perform at RBC Capital, as the firm believes the current valuation is not attractive, and recommends $17 as an attractive entry point. The firm set a target of $22 on the shares.

OTHER INITIATIONS:

Drugstore.com Inc (NASDAQ: DSCM) was started with a Market Perform rating at JMP Securities.
Wachovia started shares of BladeLogic Inc (NASDAQ: BLOG) with an Outperform rating and $17 target. The stock was also initiated at Morgan Stanley with an Equal Weight rating and at Citigroup with a Hold rating and $27.50 target.
Lehman initiated Spirit AeroSystems Holdings Inc (NYSE: SPR) with an Overweight rating and $43 target.
Goldman Sachs started shares of Marsh & McLennan Companies Inc (NYSE: MMC) with a Sell rating and $25 target.

Voltaire's new revolution: InfiniBand

Posted Jul 11th 2007 3:00PM by Tom Taulli (RSS feed)
Filed under: Hewlett-Packard (HPQ), International Business Machines (IBM), , Initial Public Offerings

So what is InfiniBand? It's cool technology to speed up the transfer of data.

And one of the leaders in the space is Voltaire, which helps improve the performance of data centers.

Now, the company has filed to go public.

The company has struck deals with biggies like IBM (NYSE: IBM), Hewlett-Packard (NYSE: HPQ), Sun Microsystems (NASDAQ: SUNW) and NEC. What's more, Voltaire has about 250 customers.

Revenues have ramped from $15.4 million in 2005 to $30.4 million in 2006. As for Q1 of this year, revenues hit $8.6 million, although the company is still losing money.

So how big is the InfiniBand market? According to a study from IDC, the market for InfiniBand switch ports is expected to grow from $95 million in 2006 to $468 million in 2010.

The lead underwriters on the IPO include JPMorgan and Merrill Lynch. The proposed ticker is VOLT.

You can find the prospectus at the SEC website. And if you want to check out more recent IPOs, click here.

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