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Analyst initiations: WAG, CCI, GNA, TER, ISCA and BC

MOST NOTEWORTHY: Walgreen, Crown Castle and Brunswick were today's noteworthy initiations:

Thomas Weisel started shares of Walgreen (NYSE: WAG) with an Overweight rating and $43 target. The firm is positive on WAG's steady cash flow and solid growth profile.
Merriman believes Crown Castle (NYSE: CCI) is a core wireless holding given its high-margin, predictable recurring revenue model. They believe shares can trade to the $49-$51 range assuming management continues to execute on its free cash flow growth target. Shares were assumed with a Buy rating.
KeyBanc initiated Brunswick (NYSE: BC) with a Hold rating and expects the recreational marine market to be challenging given weakening consumer spending trends.

OTHER INITIATIONS:

Citigroup initiated Gerdau AmeriSteel (NYSE: GNA) with a Buy rating and $21 target.
Piper assumed Teradyne (NYSE: TER) with a Neutral rating and $14 target.
International Speedway (NASDAQ: ISCA) was initiated at Stephens with an Overweight rating and $50 target.

MOST NOTEWORTHY: Wright Medical, Atlas America and Delta Air Lines were today's noteworthy upgrades:

JP Morgan upgraded Wright Medical (NASDAQ: WMGI) to overweight from neutral citing company specific momentum and the increasingly favorable orthopedic industry backdrop.
Atlas America (NASDAQ: ATLS) was raised to outperform from market perform at Friedman Billings citing valuation and outlook for its upstream MLP.
Credit Suisse upgraded Delta Air Lines (NYSE: DAL) to Outperform from Neutral citing valuation and capacity cuts. The firm also upgraded Northwest Airlines (NYSE: NWA) to outperform from neutral.

OTHER UPGRADES:

Broadpoint raised Aventine Renewable (NYSE: AVR) to neutral from underperform.
Crown Castle (NYSE: CCI) and SBA Comm (NASDAQ: SBAC) were upgraded to buy from hold at Soleil.