MOST NOTEWORTHY: Spirit Aerosystems, Genpact and SEI Investments were today's noteworthy initiations:
Friedman Billings believes Spirit Aerosystems (NYSE: SPR) is well-positioned on key aircraft platforms and has significant revenue visibility. The firm started shares with an Outperform rating and $33 target.
Baird is positive on Genpact's (NYSE: G) recurring, non-discretionary revenue, strong growth in Global Client revenue, market leading position; shares were assumed with an Outperform rating and $16 target.
SEI Investments (NASDAQ: SEIC) was initiated with a Market Perform rating and $27 target at Keefe Bruyette, as they are cautious in the near-term due to industry headwinds.
MOST NOTEWORTHY: Chevron, AXA and Emageon were today's noteworthy upgrades:
Bears Stearns upgraded shares of Chevron (NYSE:CVX) to Outperform from Peer Perform after raising their oil price assumption for 2008 to $75 per barrel from $60 per barrel. They believe CVX should benefit from stronger earnings.
AXA (NYSE:AXA) was raised to Outperform from Neutral at Credit Suisse, as they believe positive Q4 sales results will ease concerns on the impact of the economic slowdown.
Friedman Billings raised its rating on Emageon (NASDAQ:EMAG) to Outperform from Market Perform based on valuation and the belief that the Q4 EPS turnaround is on track.
Cavium Networks was initiated with a Strong Buy rating and $25 target at JMP Securities. The firm's checks indicate significant momentum for Cavium's products and cites good visibility. Cavium was also initiated with a Market Weight rating at Thomas Weisel, which finds shares fairly-valued at current levels, with a Buy rating and $25 target at Needham, with an Equal Weight rating and $22 target at Lehman Brothers, with an Equal Weight rating at Morgan Stanley and with a Buy rating and $26 target at Deutsche Bank, which expects over 50% revenue growth from 2006-2009 due to the growth in the company's network processor product line.
TravelCenters of America was initiated with a Buy rating and $54 target at Ferris Baker Watts and with a Buy rating and $70 target at BWS Financial, as the firm is positive on TA's earnings power and valuation.
Citigroup initiated shares of MetroPCS with a Buy rating and $40 target. The firm believes the company's coupled with deepening penetration in its core markets should produce revenue and FCF growth that exceeds the maturing industry average.
Janco initiated shares of Foundry Networks Inc (NASDAQ: FDRY) with a Buy rating and $19.50 target, as the firm believes the company's new products put it in a position to gain market share.
CIBC World Markets initiated shares of Accuray Incorporated (NASDAQ: ARAY) with a Sector Underperformer rating and $19 target.
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MOST NOTEWORTHY: Spirit Aerosystems, Genpact and SEI Investments were today's noteworthy initiations:.gif){kind=logo}
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