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Analyst initiations: Suntech Power, Premier Exhibitions, homebuilder sector

MOST NOTEWORTHY: Suntech Power, Premier Exhibitions and the Homebuilders Sector were today's noteworthy initiations:
  • Citigroup named Suntech Power Holding (NYSE: STP) their top pick for China solar due to its leading scale and technology roadmap for higher cell efficiency, initiating shares with a Buy rating and $55 target.
  • Merriman believes Premier Exhibitions (NASDAQ: PRXI) can move to the $14.50-$17.00 through the continued monetization of the company's current tours, the launching of additional tours and the value of the Titanic artifacts on hand. The firm started shares with a Buy rating.
  • Lehman initiated D.R. Horton (NYSE: DHI), Ryland Group (NYSE: RYL), Toll Brothers (NYSE: TOL) with Overweight ratings and an $18 target, $31 target and $27 target; KB Home (NYSE: KBH) with an Equal Weight rating and $24 target; and Hovnanian Enterprises (NYSE: HOV) with an Underweight rating and $8 target.
OTHER INITIATIONS:

Newspaper wrap-up: Google aims to run its own mobile network

MAJOR PAPERS:
  • Google Inc (NASDAQ: GOOG) may have plans for a gPhone, but their real objective is to run their own mobile network, reported the Wall Street Journal. The company is reportedly looking at a $4.6B wireless network bid.
  • Abu Dhabi's Mubadala Development may look to take a 9%, or approximately $700M, stake in Advanced Micro Devices Inc (NYSE: AMD), the Financial Times' Alphaville blog noted. An investment may draw the attention of the U.S. committee on foreign investment.
OTHER PAPERS:
  • According to Business Week's "Inside Wall Street" column, the patent Biodel Inc (NASDAQ: BIOD) was granted in September for its VIAdel technology was "key," as it opens up markets for products estimated at $2.3B.
  • Glass container maker Owens-Illinois Inc (NYSE: OI) is defying the current market tumble due to earnings momentum, reported Business Week's "Inside Wall Street" column.
  • According to BW's "Inside Wall Street" column, some money professionals are "snapping up" shares of retailer Staples Inc (NASDAQ: SPLS) despite the housing slump, credit crunch and rising gas prices.

Symbol Lookup
IndexesChangePrice
DJIA+34.1610,281.13
NASDAQ+10.912,161.99
S&P 500+5.021,098.03

Last updated: November 11, 2009: 01:30 PM

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