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Analyst initiations 9-7-07: Exchange sector, PGNX, TEL and PMC

MOST NOTEWORTHY: The exchange sector, Progenics Pharma, Tyco Electronics and PharMerica were today's noteworthy initiations:

Keefe Bruyette initiated coverage on Exchange Sector: The firm started shares of CME Group Inc (NYSE: CME), NYMEX Holdings Inc (NYSE: NMX) and NYSE Euronext Inc (NYSE: NYX) with Outperform ratings and a $669 target, $147 target and $90 target, respectively. The firm also started shares of Investment Technology Group (NYSE: ITG), Nasdaq Stock Market Inc (NASDAQ: NDAQ) and IntercontinentalExchange Inc (NYSE: ICE) with Underperform ratings and a $47 target, $36 target and $158 target, respectively, and shares of Knight Capital Group (NASDAQ: NITE) with an Underperform rating and $13 target.
Progenics Pharmaceuticals (NASDAQ: PGNX) was added to Friedman Billings' Top Picks list and its Outperform rating was maintained. The firm has a high degree of confidence in the success of the MNTX Ph III studies in post-operative ilieus, as well as the FDA approval of the subcutaneous injection in terminally ill patients with opiod-induced constipation around the 1/31/07 PDUFA date.
RBC believes margin expansion will drive long-term appreciation in Tyco Electronics Ltd (NYSE: TEL) and started shares with an Outperform rating and $41 target.
PharMerica Corporation (NYSE: PMC) was initiated with an Underperform rating at Bear Stearns. The firm believes PMC will be pressured by customer losses and generic reimbursement cuts and sees shares trading in $12-$13 range.

OTHER INITIATIONS:

Ryanair Holdings (NASDAQ: RYAAY) was initiated with a Market Outperform rating at Avondale.u
Banc of America initiated shares of Town Sports International (NASDAQ: CLUB) with a Sell rating and $15 target.
Goldman started shares of Genesis Lease Ltd (NYSE: GLS) and Aircastle Ltd (NYSE: AYR) with Neutral ratings.

MOST NOTEWORTHY: In addition to Genomic Health (GHDX) and Intercontinental Hotels Group (IHG), airliners

Continental Airlines (CAL) and ExpressJet Holdings (XTJ) were some of today's most notable initiations:

RBC Capital Markets started Genomic Health Inc (NASDAQ: GHDX) with an Underperform rating, with a $17 target. The firm views shares as fairly valued and believes competitive noise and FDA concerns will weigh on shares.

HSBC started Intercontinental Hotels (NYSE: IHG) with an Overweight rating, believing asset sales and stronger than expected room growth could prove near-term positive catalysts.

Soliel started both Continental Airlines (NYSE: CAL) and ExpressJet Holdings Inc (NYSE: XJT) with Sell ratings.

OTHER INITIATIONS:

William Blair started Alexion Pharmaceuticals (NASDAQ: ALXN) with an Outperform rating. They believe Alexion's lead compound, Soliris, is the key driver of shareholder value, and they believe the company is well positioned to receive final FDA approval.