analystinitiations posts
FeedPosted Jun 26th 2008 11:51AM by Eric Buscemi (RSS feed)
Filed under: Analyst Reports, Analyst Initiations
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MOST NOTEWORTHY: Vale, Allos Therapeutics and Torchmark were today's noteworthy initiations:
- Lehman believes Vale (NYSE:RIO) is well-positioned to benefit from rising steel demand in emerging economies. The firm started shares with an Overweight rating and $45 target.
- Citigroup initiated Allos Therapeutics (NASDAQ:ALTH) with a Buy rating and $11 target and believes the company's lead drug PDX is likely to be the first FDA approved agent for peripheral T cell lymphoma.
- Friedman Billings expects Torchmark's (NYSE:TMK) sales to get back on track given increased recruiting, ongoing management initiatives, and the potential demise of Medicare Advantage. Shares were assumed with an Outperform rating and $72 target.
OTHER INITIATIONS:
Posted Jun 19th 2008 10:50AM by Eric Buscemi (RSS feed)
Filed under: Analyst Reports, Genentech Inc (DNA), Analyst Initiations
MOST NOTEWORTHY: WuXi Pharma, Apple and Genentech were today's noteworthy initiations:
- Global Hunter expects WuXi Pharma (NYSE:WX) to remain under pressure in the near-term due to gross margin constraints and dilution risk from the AppTec acquisition. The firm finds the stock fairly valued at current levels and initiated shares with a Neutral rating.
- ThinkPanmure assumed Apple (NASDAQ:AAPL) with a Buy rating and $225 target and recommends investors take advantage of recent weakness to build core positions.
- Genentech (NYSE:DNA) was started at Deutsche Bank with a Buy rating and $83 target. The firm sees limited downside and the potential for significant upside if Avastin works in adjuvant colon cancer.
OTHER INITIATIONS:
- NetLogic (NASDAQ:NETL) was initiated with a Neutral rating and $36 target at Piper.
- UBS assumed Seattle Genetics (NASDAQ:SGEN) with a Neutral rating and $10 target.
- Rowan Companies (NYSE:RDC) was started with a Buy rating and $70 target at Jesup & Lamont.
Posted Jun 12th 2008 11:33AM by Eric Buscemi (RSS feed)
Filed under: Analyst Reports, Staples Inc (SPLS), Analyst Initiations
MOST NOTEWORTHY: Allied Capital, ZIX Corp and Staples were today's noteworthy initiations:
- Oppenheimer believes Allied Capital's (NYSE:ALD) dividend is sustainable and that the equity portion of its portfolio will drive outsized returns once market conditions return to normalcy. Shares were initiated with a Perform rating.
- ThinkPanmure believes ZIX Corp (NASDAQ:ZIXI) has a large opportunity in e-prescribing encryption market, with a potential catalyst being the E-MEDS bill. The firm started shares with a Buy rating and $4.50 target.
- Banc of America reinstated its Buy rating on Staples (NASDAQ:SPLS) following the Corporate Express (NYSE:CXP) deal, which it views as a positive catalyst for the stock. The firm has a $29 target on the stock.
OTHER INITIATIONS:
- Newmont Mining (NYSE:NEM) was initiated at Thomas Weisel with an Overweight rating and $62 target.
- Stephens assumed Wabash (NYSE:WNC) with an Equal Weight rating and $10 target.
- Compass Diversified Trust (NASDAQ:CODI) was initiated with a Sector Perform rating and $14 target at RBC Capital.
Posted Jun 5th 2008 11:38AM by Eric Buscemi (RSS feed)
Filed under: Analyst Reports, Analyst Initiations
MOST NOTEWORTHY: Taleo, Hatteras Financial and Harmonic were today's noteworthy initiations:
- Baird initiated Taleo (NASDAQ:TLEO) with a Neutral citing uncertainty regarding the integration plan and financial guidance regarding the Vurv acquisition.
- Wachovia believes Hatteras Financial (NYSE:HTS) is well-positioned to capitalize on opportunities in the Agency RMBS sector given the steep yield curve & slow mortgage payments, low expense structure, and Agency-only strategy. Shares were initiated with an Outperform rating.
- Brean Murray expects Harmonic (NASDAQ:HLIT) to benefit from an increased competitive environment among cable, telco, and satellite operators and their need for encoding and video stream processing equipment. Shares were assumed with a Buy rating and $13 target.
OTHER INITIATIONS:
Posted May 30th 2008 11:24AM by Eric Buscemi (RSS feed)
Filed under: Analyst Initiations
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MOST NOTEWORTHY: California Pizza, Lawson Software and Bare Escentuals were today's noteworthy initiations:
- Oppenheimer initiated California Pizza (NASDAQ:CPKI) with a Perform rating. The firm is neutral on the stock given the company's exposure to California and diminishing returns in new markets.
- KeyBanc initiated Lawson Software (NASDAQ:LWSN) with a Hold based on expectations that 1H09 will be challenged by a TTM sales headcount decline and the difficult IT spending environment.
- William Blair assumed Bare Escentuals (NASDAQ:BARE) with an Outperform rating. The firm estimates the company owns only a modest single-digit share of the nearly $9B U.S. cosmetics market, making its market opportunity attractive.
OTHER INITIATIONS:
- Citigroup initiated Hess Corp (NYSE:HES) with a Hold rating and $133 target.
- NetSuite (NYSE:N) was started with a Sell rating and $14 target at Piper.
- Morgan Keegan initiated Berry Petroleum (NYSE:BRY) with an Outperform rating.
Posted May 29th 2008 11:16AM by Eric Buscemi (RSS feed)
Filed under: Yahoo! (YHOO), Analyst Initiations
MOST NOTEWORTHY: Beckman Coulter, BT Group and Micromet were today's noteworthy initiations:
- Oppenheimer believes Beckman Coulter (NYSE:BEC) is well-positioned to leverage its broad installed base in the clinical lab market to increase sales of its consumable and a new molecular diagnostics instrument expected in 2010. The firm initiated shares with an Outperform rating and $80 target.
- Societe Generale expects BT Group's (NYSE:BT) domestic revenues to deteriorate as line erosion accelerates; shares were assumed with a Sell rating.
- Roth Capital started Micromet (NASDAQ:MITI) with a Buy rating and $3 target. The firm expects the company's proprietary 'BiTE' antibody platform to gain validation as its lead candidate MT103 starts accumulating clinical data in multiple hematology indications.
OTHER INITIATIONS:
- Yahoo! (NASDAQ:YHOO) was initiated with a Neutral rating at Merrill.
- Piper resumed coverage of Alexion Pharma (NASDAQ:ALXN) with a Buy rating and $88 target.
- MedAssets (NASDAQ:MDAS) was started at Jefferies with a Buy rating and $25 target.
Posted Feb 21st 2008 11:11AM by Eric Buscemi (RSS feed)
Filed under: Analyst Initiations
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MOST NOTEWORTHY: Properity Bancshares, MV Oil Trust and Bio-Reference Lab were today's noteworthy initiations:
- B. Riley initiated Prosperity Bancshares (NASDAQ:PRSP) with a Buy rating and $32 target. The firm thinks the company's lower risk profile is supported by its conservative management team and by the relative strength of the Texas economy and housing markets.
- Oppenheimer assumed MV Oil Trust (NYSE:MVO) with a Perform rating and believes the company's distribution growth is priced into shares.
- Bio-Reference Lab (NASDAQ:BRLI) was initiated with an Outperform rating at William Blair. The firm believes the company is well-positioned to benefit from robust industry growth trends.
OTHER INITIATIONS:
Posted Feb 14th 2008 11:08AM by Eric Buscemi (RSS feed)
Filed under: Analyst Initiations
MOST NOTEWORTHY: SBA Comm, Hologic and Kenexa were today's noteworthy initiations:
- Jefferies believes SBA Comm's (NASDAQ:SBAC) high-quality portfolio positions it well to take advantage of strong industry trends and thinks the company could be an acquisition candidate for one of the larger tower companies. The firm started shares with a Buy rating and $38 target.
- Hologic (NASDAQ:HOLX) was initiated with a Buy rating and $82 target at Suntrust, as they view Hologic as a premier women's health company. The firm expects increased digital penetration in the mammography market.
- Kenexa (NASDAQ:KNXA) was assumed with an Outperform rating and $26 target at Friedman Billings, as they expect the company to maintain healthy revenue growth and industry leading margins given the favorable long-term industry trends.
OTHER INITIATIONS:
- Credit Suisse initiated PSS World Medical (NASDAQ:PSSI) with an Outperform rating and $21 target.
- Kaufman started Accenture (NYSE:ACN) with a Hold rating and a $41 target.
- Oppenheimer assumed NexMed (NASDAQ:NEXM) with an Outperform rating and $3 target.
Posted Jan 31st 2008 11:59AM by Eric Buscemi (RSS feed)
Filed under: Microsoft (MSFT), Analyst Initiations, Symantec Corp (SYMC)
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MOST NOTEWORTHY: Enterprise Software Sector, NewMarket and Great Plans Energy were today's noteworthy initiations:
- Stanford believes Software companies could be better positioned to withstand an economic slowdown than most believe, but feels demand is positioned to slow in 2008. They are "somewhat cautious" on the sector and initiated coverage of Microsoft (NASDAQ:MSFT) and McAfee (NYSE:MFE) with Buy ratings and Symantec (NASDAQ:SYMC) with a Hold rating.
- Oppenheimer initiated NewMarket (NYSE:NEU) with an Outperform rating and $68 target, as they believes it is an underfollowed specialty chemical company with improving fundamentals and low investor expectations. They think the company's free cash flow could fuel large share buybacks and strategic acquisitions.
- Great Plains Energy (NYSE:GXP) was started with an Outperform rating at Wachovia, as they are positive on the company's strong rate base growth and valuation.
OTHER INITIATIONS:
- Time Warner Cable (NYSE:TWC) was initiated with a Neutral rating at Cowen.
- Nokia (NYSE:NOK) was initiated with an Above Average rating at Caris.
- Broadpoint started Take-Two (NASDAQ:TTWO) with a Buy rating and $20 target.
Posted Jan 11th 2008 11:34AM by Eric Buscemi (RSS feed)
Filed under: Analyst Initiations
MOST NOTEWORTHY: Mechanical Technology, Range Resources and Venoco Inc were today's noteworthy initiations:
- Merriman assumed coverage of Mechanical Technology (NASDAQ:MKTY) with a Buy rating and expects share appreciation as they company pursues the large market for charging and powering cell phones, digital cameras, digital video equipment and PDAs. They believe a 12-month stock price range of $2.50-$3.00 is justified.
- Jefferies initiated Range Resources (NYSE:RRC) with a Buy rating and $65 target as they believe the company is well-positioned to generate above-average production/reserve growth over the next several years.
- Venoco (NYSE:VQ) was initiated with a Hold rating and $21 target at Jefferies. The firm thinks some slippage in the timing of pipeline projects is possible and feels the company's 2008 production outlook could prove to be overly optimistic.
OTHER INITIATIONS:
Posted Jan 4th 2008 11:49AM by Eric Buscemi (RSS feed)
Filed under: Analyst Initiations
MOST NOTEWORTHY: TheStreet.com, Corning and AeroGrow were today's noteworthy initiations:
- ThinkEquity believes TheStreet.com (NASDAQ:TSCM) has solid growth prospects and sees catalysts from the integration of Promotions.com, expansion into new verticals, and new syndication deals. The firm intiiated shares with a Buy rating and $18 target.
- Corning (NYSE:GLW) was initiated with a Buy rating and $31 target at Jefferies, as they believe the LCD industry is positioned for healthy trends in 2008 and beyond.
- AeroGrow (NASDAQ:AERO) was initiated with a Buy rating at Merriman, as they believe infomercials, catalog mailers and the company's website should enhance product visibility, driving higher sales across all distribution channels as well as brand awareness.
OTHER INITIATIONS:
Posted Dec 21st 2007 10:20AM by Eric Buscemi (RSS feed)
Filed under: Jones Soda (JSDA), Analyst Initiations
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MOST NOTEWORTHY: Jones Soda, Whiting Petroleum and Peregrine Pharma were today's noteworthy initiations:
- Merriman assumed coverage of Jones Soda (NASDAQ:JSDA) with a Neutral rating and believes shares will languish until interim management resets expectations. For FY08, they expect sales to grow 25%-30%, rather than the consensus estimate of 38%.
- Jefferies thinks Whiting Petroleum (NYSE:WLL) is entering a multi-year organic and sees catalysts from the upcoming Bakken well results and positive production response from Enhanced Oil Resources (EOR) projects. The firm started shares of Whiting with a Buy rating and $66 target.
- Rodman & Renshaw initiated shares of Peregrine Pharma (NASDAQ:PPHM) with a Market Perform rating, as they would prefer to establish a position closer to mid-08 when key data from its Cotara Phase II study is expected.
OTHER INITIATIONS:
- Stanford initiated Tercica (NASDAQ:TRCA) with a Buy rating and $10 target.
- Broadpoint initiated Pain Therapeutics (NASDAQ:PTIE) with an Underperform rating.
- Mattel (NYSE:MAT) was initiated with a Hold rating and $22 target at Citigroup.
Posted Nov 30th 2007 11:21AM by Eric Buscemi (RSS feed)
Filed under: Analyst Initiations
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MOST NOTEWORTHY: DealerTrack, Healthcare Realty Trust and the employment services sector were today's noteworthy initiations:
- Suntrust believes DealerTrack (NASDAQ:TRAK) is in the stages of significantly increasing penetration of dealers, finance companies, and aftermarket providers with its leading suite of transaction and subscription based solutions. The firm started shares with a Buy rating and $61 target.
- Jefferies resumed coverage of Healthcare Realty Trust (NYSE:HR) with a Buy rating and $28 target, as they believe the company is well-positioned to benefit from the superior long-term growth trends for outpatient services.
- Credit Suisse initiated the employment services sector with a Market Weight rating, citing economic uncertainty and downside EPS risk. The firm initiated Manpower (NYSE:MAN) with an Outperform rating and $73 target and HireRight (NASDAQ:HIRE) with a Neutral rating and $13 target.
OTHER INITIATIONS:
- CVS Caremark (NYSE:CVS) was initiated with a Market Perform rating and $45 target at BMO Capital.
- JP Morgan initiated Plug Power (NASDAQ:PLUG) with an Underweight rating and California Pizza (CPKI) with a Neutral rating.
Posted Nov 27th 2007 11:01AM by Eric Buscemi (RSS feed)
Filed under: Analyst Initiations
MOST NOTEWORTHY: Electronics for Imaging, Fundtech and VIA Pharmaceuticals were today's noteworthy initiations:
- Banc of America initiated Electronics for Imaging (NASDAQ: EFII) with a Buy rating and $26.50 target, as it sees leverage potential in 2008 from cost reductions and revenue mix and believes stronger controller revenue mix and ink from inkjets could help gross margin in 2H08.
- JMP Securities expects Fundtech (NASDAQ: FNDT) to benefit from an upgrade cycle among large banks to improve their payment systems, starting shares off with a Market Outperform rating and $19 target.
- Rodman & Renshaw resumed coverage of VIA Pharmaceuticals (NASDAQ: VIAP) with an Outperform rating and $4 target. The firm expects VIAP's VIA-2291, a treatment for Antherosclerosis, Ph II data expected in mid-2008 to drive shares.
OTHER INITIATIONS:
Posted Nov 16th 2007 10:58AM by Eric Buscemi (RSS feed)
Filed under: Eastman Kodak (EK), , Analyst Initiations
MOST NOTEWORTHY: Blackboard, Ruth's Chris Steak House, Texas Roadhouse, China Digital and Main Street were today's noteworthy initiations:
- Suntrust initiated shares of Blackboard (NASDAQ:BBBB) with a Neutral rating, as they sees risk to 2008 Street estimates due to minimal margin expansion.
- Deutsche Bank started shares of Ruth's Chris Steak House (NASDAQ:RUTH) with a Hold rating, as they find it difficult to recommend a high-end dining chain in this economic environment.
- The firm also initiated Texas Roadhouse (NASDAQ:TXRH) with a Buy rating and $15 target, citing the company's solid balance sheet, consistent operating history and low valuation.
- Piper expects shares of China Digital (NYSE:STV) will move higher as investors recognize the growth potential of the conditional access card market in China. The firm started shares off with a Buy rating and $43 target.
- Morgan Keegan resumed coverage of Main Street (NASDAQ:MAIN) with an Outperform rating and sees fair value range $15.50 to $17.00 based on MAIN's current yield of 9.2%.
OTHER INITIATIONS:
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