MOST NOTEWORTHY: Super Micro Computer, Corning and Vertex Pharmaceuticals were today's noteworthy initiations:
Merriman believes Super Micro Computer (NASDAQ: SMCI) is a unique value in the Data Center sector and thinks it could trade to a range of $10-$12 in the near-term. Shares were initiated with a Buy rating.
Citigroup started Corning (NYSE: GLW) with a Hold rating and $23.50 target. The firm sees limited upside given the risks to LCD glass demand.
Vertex Pharmaceuticals (NASDAQ: VRTX) was assumed with an Overweight rating and $57 target at Thomas Weisel, as they are positive on its telaprevir opportunity.
OTHER INITIATIONS:
Lehman reinitiated Cablevision (NYSE: CVC) with an Equal Weight rating.
Silicon Motion (NASDAQ: SIMO) was initiated at Cowen with an Outperform rating.
Brinks (NYSE: BCO) was initiated with a Positive rating at Susquehanna.
MOST NOTEWORTHY: British Sky Broadcasting, ReneSola and Chordiant Software were today's noteworthy initiations:
Jefferies believes British Sky Broadcasting's (NYSE:BSY) exposure to discretionary household expenditure seems more dangerous than it is. Shares were initiated with a Buy rating.
Oppenheimer assumed ReneSola (NYSE: SOL) with a Perform rating and said it is waiting for margins to re-accelerate before becoming more constructive on shares.
Chordiant Software (NASDAQ: CHRD) was initiated at B. Riley with a Buy rating and $7 target and believes the recent sell-off is overdone.
OTHER INITIATIONS:
JMP Securities initiated American Capital (NASDAQ:AGNC) with an Outperform rating and $23 target.
MOST NOTEWORTHY: Lincoln Electric, Prospect Capital and GMX Resources were today's noteworthy initiations:
Piper believes Lincoln Electric (NASDAQ: LECO) is positioned to capitalize on global infrastructure spending as a leading manufacturer of welding/metal fabrication equipment and materials. Shares were initiated with a Buy rating and $100 target.
Wachovia said Prospect Capital (NASDAQ: PSEC) has good visibility on portfolio growth and sees significant value in the potential sale of the company Gas Solutions business. The firm assumed shares with an Outperform rating.
Collins Stewart initiated GMX Resources (NASDAQ: GMXR) with a Buy rating and $67 target. The firm believes the company's drilling program will continue to drive both strong production and proved reserves growth.
OTHER INITIATIONS:
Louisiana Pacific (NYSE: LPX) was initiated at RBC Capital with an Underperform rating and $10 target.
The firm also started Mercer International (NASDAQ: MERC) with an Outperform rating and $11 target.
Keefe Bruyette initiated SWS Group (NYSE: SWS) with a Market Perform rating.
MOST NOTEWORTHY: Taubman Centers, AstraZeneca and Blue Nile were today's noteworthy initiations:
Friedman Billings believes Taubman Centers (NYSE: TCO) is very well positioned with its upscale regional malls and lifestyle centers to weather the current challenges in the current retail environment. Shares were assumed with an Outperform rating and $64 target.
JP Morgan initiated AstraZeneca (NYSE: AZN) with a Neutral rating. The firm expects investor confidence in the coming months to improve as expectations are AZN's pipeline is low.
Deutsche Bank finds Blue Nile (NASDAQ: NILE) fairly valued given the challenging economic environment and rising commodity prices and initiated shares with a Hold rating and $48 target.
MOST NOTEWORTHY: IBM, Entropic Comm and FARO Tech were today's noteworthy initiations:
BMO Capital is positive on IBM (NYSE: IBM) given the company's reduced pension and stock buyback, opportunity to increase the mix of software, new mainframe cycle, and the company's diverse revenue stream. Shares were initiated with an Outperform rating and $138 target.
Merriman views Entropic Comm (NASDAQ: ENTR) as a core holding for investors seeking exposure to the rapidly growing home networking market and finds the current valuation attractive; the firm started shares with a Buy rating.
Friedman Billings assumed FARO Tech (NASDAQ: FARO) with an Outperform rating and $42 target. The firm expects FARO's secular growth to drive sales as the company's products meet the needs of the largest emerging market for software-based manufacturing measurement systems.
OTHER INITIATIONS:
Oppenheimer initiated MedAssets (NASDAQ: MDAS) with a Perform rating and $20 target.
Broadcom (NASDAQ: BRCM) was initiated at Baird with a Neutral rating and $29 target.
LoopNet (NASDAQ: LOOP) was assumed with an Equal Weight rating and $15 target at Stephens.
MOST NOTEWORTHY: Apple, Panera Bread and Amazon.com were today's noteworthy initiations:
Oppenheimer assumed coverage of Apple (NASDAQ:AAPL) with an Outperform rating and $235 target. The firm expects 3G iPhone demand to be better than the Street currently expects.
Jefferies believes Panera Bread (NASDAQ:PNRA) can outperform Street expectations in 2009 and beyond given its operational initiatives and refined new unit development strategy. Shares were started with a Buy rating and $56 target.
Amazon.com (NASDAQ:AMZN) was initiated with a Market Perform rating and William Blair. The firm believes the current investor optimism leaves little room for share upside in the near-term.
OTHER INITIATIONS:
Citigroup initiated Staples (NASDAQ:SPLS) with a Buy rating and $28 target.
Deutsche Bank initiated Starent Networks (NASADAQ:STAR) with a Buy rating and $21 target.
Bidz.com (NASDAQ:BIDZ) was initiated at Merriman with a Buy rating.
MOST NOTEWORTHY: Edison International, Animal Health International and SanDisk were today's noteworthy initiations:
RBC Capital initiated Edison International (NYSE: EIX) with an Outperform rating and $64 target citing strong rate base growth and the favorable environment at Southern California Edison.
Piper assumed coverage of Animal Health International (NASDAQ: AHII) with a Buy rating and $10 target, as they believe the current valuation is attractive from long-term investors.
Pacific Crest started SanDisk (NASDAQ: SNDK) with a Sector Perform rating and believes the valuation is too high following the recent strength as product margins are trending down.
OTHER INITIATIONS:
Sandler initiated Heritage Commerce (NASDAQ: HTBK) with a Hold rating and $16 target.
Burger King (NYSE: BKC) was initiated with a Buy rating and $34 target at Piper.
RBC Capital assumed U.S. Geothermal (AMEX: HTM) with an Outperform rating and $4 target.
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: Kohlberg Capital, ClickSoftware and Liberty Property Trust were today's noteworthy initiations:
JMP Securities started shares of Kohlberg Capital (NASDAQ: KCAP) with an Outperform rating and $14 target. The firm believes Kohlberg Capital's alliance with Kohlberg and Company allows Kohlberg Capital to take advantage of considerable expertise. JMP Securities believes Kohlberg Capital has an attractive risk/reward ratio.
Roth Capital initiated ClickSoftware (NASDAQ: CKSW) with a Hold rating and $3.60 target and expects EPS pressure from the depreciating dollar near-term.
Liberty Property Trust (NYSE: LRY) was initiated with a Hold rating at Stifel, citing lack of internal earnings divers and fair valuation.
OTHER INITIATIONS:
Oppenheimer initiated VisionChina Media (NASDAQ: VISN) with a Perform rating and $25 target.
Merrill assumed MGM Mirage (NYSE: MGM) with a Neutral rating.
MOST NOTEWORTHY: MedicNova, Transocean and Lennox were today's noteworthy initiations:
Rodman & Renshaw is positive on MedicNova's (NASDAQ:MNOV) two primary products in development: MN-221, for the treatment of severe asthma and MN-166, an oral treatment for multiple sclerosis. The firm is also positive on MNOV's valuation; shares were initiated with an Outperform rating and $9 target.
Transocean (NYSE:RIG) is UBS's Top Pick as they believe it is the primary beneficiary of rising deepwater dayrates. Shares were assumed with a Buy rating and $201 target.
Suntrust initiated Lennox (NYSE:LII) with a Neutral rating and cites near-term visibility.
OTHER INITIATIONS:
Dean Foods (NYSE:DF) was initiated with an Outperform rating and $29 target.
Goldman started Parker-Hannifin (NYSE:PH) with a Neutral rating and $92 target.
MOST NOTEWORTHY: Invesco, Kimberly Clark and Crawford & Company were today's noteworthy initiations:
Jefferies finds Invesco (NYSE: IVZ) compelling given the company's focus on expense control, strong cash flow characteristics, and attractive valuation. Shares were assumed with a Buy rating and $33 target.
Caris started Kimberly Clark (NYSE: KMB) with a Below Average rating and $58 target. The firm believes consensus estimates may be too high given the high cost of commodities.
Suntrust started Crawford & Company (NYSE: CRDB) with a Buy rating and $8 target, and believes the company is at the "front end" of a turnaround in operations.
OTHER INITIATIONS:
Bernstein initiated Energizer Holdings (NYSE: ENR) with an Outperform rating and $100 target.
BMO Capital assumed Range Resources (NYSE: RRC) with an Outperform rating and $85 target.
Intrepid Potash (NYSE: IPI) was started with a Sell rating and $40 target at Soleil.
MOST NOTEWORTHY: McGraw-Hill, Curis and Azure Dynamics were today's noteworthy initiations:
Jefferies initiated McGraw-Hill (NYSE: MHP) with a Buy rating and $49 target. The firm believes the downturn in credit markets has already been fully priced into shares and expects the stock to gain momentum throughout 2008 in anticipation of liquidity returning to credit markets.
RBC Capital initiated Curis (NASDAQ: CRIS) with an Outperform rating and $2.50 target based on the company's partnership with Genentech (NYSE: DNA) and potential upside from its pipeline.
Merriman started Azure Dynamics (OTC: AZDDF) with a Buy rating. The firm believes the company's focus is where customers see the most benefit from a medium-duty hybrid or market-appropriate solutions and finds the stock attractively valued.
MOST NOTEWORTHY: Capstone Turbine, Insulet and Teradata were today's noteworthy initiations:
Merriman believes Capstone Turbine (NASDAQ: CPST) is well-positioned for rapid growth as capacity constraints and dependence on subsidies drive the adoption of clean, dependable hydrocarbon-based technologies. Shares were assumed with a Buy rating.
JMP Securities initiated Insulet (NASDAQ: PODD) with an Outperform rating and $29 target and expects increased adoption of the company's OmniPod disposable, tubeless insulin pump.
Pacific Crest initiated Teradata (NYSE: TDC) with an Underperform rating. The firm is a seller of shares given the slowing economy and the company's exposure to larger IT deals.
OTHER INITIATIONS:
Commercial Metals (NYSE: CMC) was initiated at UBS with an Outperform rating and $37 target.
MOST NOTEWORTHY: SunPower, Evergreen Solar and Abbott Lab were today's noteworthy initiations:
Citigroup believes SunPower (NASDAQ: SPWR) is faced with high cell production costs, its silicon cost and installation cost advantages are increasingly commoditized and finds the risk/reward even at current levels. Shares were initiated with a Hold rating and $105 target.
Citigroup believes Evergreen Solar (NASDAQ: ESLR) faces significant financing requirements over the next few years, making it difficult to see a sustained period of EPS growth beyond the $1 range. The firm sees downside to $5/share. Shares were assumed with a Sell rating and $8 target.
UBS started Abbott Lab (NYSE: ABT) with a Buy rating and $61 target. The firm is positive on Humira potential growth and expects Xience to drive vascular operating margins to positive.
.gif){kind=logo}
MOST NOTEWORTHY: Super Micro Computer, Corning and Vertex Pharmaceuticals were today's noteworthy initiations:.gif){kind=logo}
.gif){kind=logo}
Comfort Zone Investing: Exploit volatility with constant dollar investing
Merck earnings preview: No miracles expected
Apple reports Monday -- buy AAPL before earnings?
