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Analyst initiations: AIQ, CPN and CVLT

MOST NOTEWORTHY: Alliance Imaging, Calpine and CommVault were today's noteworthy initiations:

Stanford finds shares of Alliance Imaging (NYSE: AIQ) fairly valued and believes the company's transition to providing imaging services to hospitals from mobile imaging equipment to fixed imaging equipment will take at least several years. The firm initiated coverage with a Hold rating.
Calpine (NYSE: CPN) was initiated with a Buy rating and $21.50 target at Jefferies. The firm views Calpine as a low-cost valuation generation company and expects earnings growth from its Western and Texas power plants to drive improved results.
Cowen assumed CommVault (NASDAQ: CVLT) with a Neutral rating and sees limited upside to 2009 estimates due to sales and marketing investments, as well as competition.

OTHER INITIATIONS:

UBS initiated Omrix Biopharm (NASDAQ: OMRI) with a Buy rating and $17 target.
Susquehanna initiated Align Tech (NASDAQ: ALGN) with a Neutral rating.
Zions Bancorp (NASDAQ: ZION) was assumed with a Neutral rating and $13 target at Baird.

MOST NOTEWORTHY: The more notable initiations today included THQ Inc (THQI), LaSalle Hotel Properties (LHO) and OfficeMax Inc (OMX):

William Blair started THQ Inc (NASDAQ: THQI) with an Outperform rating, as they are positive on shares based on earnings upside potential from the new video game cycle.

RBC initiated shares of LaSalle Hotel Properties (NYSE: LHO) with an Outperform rating and $52 target, as the firm expects growth to be driven by portfolio repositioning efforts and renovations.

OfficeMax Inc (NYSE: OMX) was initiated at Bear Stearns with a Peer Perform rating citing a balanced risk/reward.

OTHER INITIATIONS:

Lehman Brothers initiated both AK Steel Holding Corp (NYSE: AKS) and Steel Dynamics Inc (NASDAQ: STLD) with Equal Weight ratings.

Wachovia started Beazer Homes USA Inc (NYSE: BZH) with a Market Perform rating, saying the company has few discernible competitive advantages over other public homebuilders and lacks catalysts.

Bear Stearns re-initiated Tiffany & Co (NYSE: TIF) with a Peer Perform rating.

Leerink Swann started Align Technology (NASDAQ: ALGN) with an Outperform rating, with a range of $21-$23, believing the company's Invisalign technology is well positioned for renewed growth.