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.
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.
NexCen Brands (NASDAQ: NEXC) was started at Lazard with a Buy rating.
BMO Capital initiated shares of INVESTools (NASDAQ: SWIM) with an Outperform rating.
MOST NOTEWORTHY: PetSmart, Inc (PETM), Google (GOOG), Dr. Reddy's Laboratories Ltd (RDY) and Optimal Group Inc (OPMR) were today's more noteworthy downgrades:
Stifel cut PetSmart Inc (NASDAQ: PETM) to Hold from Buy biting valuation.
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...
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MOST NOTEWORTHY: Sigma Designs, Satyam and Genpact were today's noteworthy initiations:
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