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Analyst inititations: SIGM, SAY and G

MOST NOTEWORTHY: Sigma Designs, Satyam and Genpact were today's noteworthy initiations:
  • Deutsche Bank initiated shares of Sigma Designs (NASDAQ: SIGM) with a Buy rating and $62 target, as they believe the company can maintain its leadership position in the fast-growing IPTV and high-def DVD markets. Baird said Sigma's IPTV momentum is accelerating, Blu-ray demand in strong, and Ultrawideband is the next growth opportunity. The firm resumed coverage with an Outperform rating.
  • Banc of America started shares of Satyam Computer Services (NYSE: SAY) with a Neutral rating and $39 target on valuation, as they believe better value exists in peers Cognizant Technology (NASDAQ: CTSH) and Infosys Technologies (NASDAQ: INFY).
  • UBS initiated Genpact (NYSE: G) with a Neutral rating and $18 target on valuation.
OTHER INITIATIONS:
  • Goldman resumed coverage of HealthSpring (NYSE: HS) with a Neutral rating and $23 target.
  • Wachovia initiated Gentiva Health (NASDAQ: GTIV) with an Outperform rating.

Analyst initiations 8-08-07: CPRT, RIMM and SWIM

MOST NOTEWORTHY: HealthSpring (HS), CoPart (CPRT), Multi Fineline Electronix (MFLX) and Global Traffic Network (GNET) were today's noteworthy initiations:
  • HealthSpring (NYSE: HS) was initiated with a Neutral rating and $20 target at Banc of America, as the firm doesn't expect earnings growth to recover until 2009.
  • Rochdale Research started CoPark (NASDAQ: CPRT) with a Buy and $36 target yesterday. The firm said CoPark is in an excellent competitive position and expects growth to re-accelerate as the company integrates and expands its non-U.S. platform.
  • Needham reinstated shares of Multi Fineline Electronix (NASDAQ: MFLX) with a Buy rating and $13 target, as the firm believes the current valuation overly discounts the company's opportunities with Sony-Ericsson (SNE/ERIC), Apple (AAPL), and the likelihood of stability at Motorola (MOT).
  • Oppenheimer initiated shares of Global Traffic Network (NASDAQ: GNET) with a Buy rating and $9.50 target as the firm believes the company's expansion into new territories such as Canada and the UK should enable double-digit revenue and cash flow growth for the long term.
OTHER INITIATIONS:
  • Goldman Sachs reinstated shares of Qiagen (NASDAQ: QGEN) with a Neutral rating.
  • Raymond James initiated shares of Research in Motion (NASDAQ: RIMM) with an Outperform rating and $275 target.
  • BMO Capital initiated shares of INVESTools (NASDAQ: SWIM) with an Outperform rating.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst downgrades 5-14-07: GOOG, PETM and RDY

MOST NOTEWORTHY: PetSmart, Inc (PETM), Google (GOOG), Dr. Reddy's Laboratories Ltd (RDY) and Optimal Group Inc (OPMR) were today's more noteworthy downgrades:
  • First Global downgraded shares of Google Inc (NASDAQ: GOOG) to Market Perform from Outperform.
  • Morgan Stanley downgraded shares of Dr. Reddy's Laboratories (NYSE: RDY) to Equal-Weight from Overweight after a U.S. court ruling appeared set to block generic competition to Japanese company Eisai Co, Ltd's (ESALY) ulcer drug Aciphex.
  • B. Riley downgraded shares of Optimal Group (NASDAQ: OPMR) to Neutral from Buy to reflect increasing uncertainty regarding further legal actions, which may be taken by the U.S. Attorney's office against the company...
OTHER DOWNGRADES:
  • Teck Cominco Ltd (NYSE: TCK) was downgraded to Sector Performer from Sector Outperformer at CIBC.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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Last updated: November 21, 2008: 09:24 PM

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