MOST NOTEWORTHY: Select Heavy Construction companies and
L-1 Identity Solutions (ID) top today's massive list of initiations.
- UBS initiated coverage on Fluor (FLR) and URS Corporation (URS) with Neutral ratings, and Jacobs Engineering Group (JEC) with a Buy rating; they expect energy and infrastructure-related spending to drive backlog growth in 2007.
- Lazard initiated L-1 Identity Solutions (ID) with a Buy rating and $20 target, as they feel L-1 is the clear industry leader in identification technology.
OTHER INITIATIONS:
- Morgan Keegan initiated Urban Outfitters (URBN) with an Outperform rating, expecting a "short squeeze" in the shares. Under Armor (UARM) was initiated with a Hold rating at Citigroup, citing valuation.
- Citigroup also initiated VF Corp (VFC) with a Buy rating and $90 target; they believe VF Corp will benefit from its shift to a portfolio of brands selling through multiple distribution channels.
- Elsewhere, Pali Capital initiated Charter Communications (CHTR) with a Buy rating and $4.50 target, expecting growth to accelerate and operational benefits from their "triple play" offering and reduced interest expense through re-financing.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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