MOST NOTEWORTHY: Celgene Corp (CELG), Luminent Mortgage Capital (LUM) and CNET Networks, Inc (CNET) were some of today's notable initiations:
- Bernstein started Celgene Corp (NASDAQ: CELG) with an Outperform rating and $62 target. The firm believes Revlimid can achieve the company's global sales of more than $3.2B by 2012 and feels the recent low $50's is an excellent share entry point.
- JP Morgan initiated Luminent Mortgage Capital (NYSE: LUM) with an Overweight rating based on valuation.
- First Albany initiated CNET Networks inc (NASDAQ: CNET) with a Buy rating and $10 target, citing valuation.
OTHER INITIATIONS:
- RBC initiated Multi-Fineline Electronix, Inc (NASDAQ: MFLX) with an Outperform rating and $23 target.
- Jefferies started Packeteer, Inc (NASDAQ: PKTR) with a Buy rating and $18.50 target on valuation.
- Jefferies also initiated Riverbed Technology, Inc (NASDAQ: RVBD) with a Hold rating and $28 target.
- UBS AG (NYSE: UBS) was started with a Buy rating and $79 target at Bank of America.
- Matrix USA initiated Transocean Inc (NYSE: RIG) with a Buy rating.
- Wedbush initiated both eFunds Corp (NYSE: EFD) and NCR Corp (NYSE: NCR) with Buy ratings.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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MOST NOTEWORTHY: The more noteworthy downgrades today included eFunds Corp (EFD), Halliburton Co (HAL), Coventry Health Care, Inc (CVH), Fording Canadian Coal Trust (FDG) and US Steel Corp (X): 
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