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Analyst initiations: SPR, G and SEIC

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.
OTHER INITIATIONS:

Analyst upgrades: CVX, AXA and EMAG

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.
OTHER UPGRADES:

Analyst initiations 6-11-07: CAVM; TA and PCS

MOST NOTEWORTHY: Cavium Networks Inc (NASDAQ: CAVM), Travel Centers of America LLC (AMEX: TA) and MetroPCS Communications Inc (NYSE: PCS) were today's noteworthy initiations:
  • 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.
OTHER INITIATIONS:
  • IntercontinentalExchange Inc (NYSE: ICE) was initiated with an Outperform rating at Credit Suisse.
  • 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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Last updated: October 07, 2008: 02:57 PM

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