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Analyst initiations: Biotech, WCC, WYN, CNTY, VLO, KR

MOST NOTEWORTHY: The biotech sector, WESCO International, Wyndham and Century Casinos were today's noteworthy initiations:

BMO Capital initiated coverage on Arena Pharmaceuticals Inc. (NASDAQ: ARNA) and Gilead Sciences Inc. (NASDAQ: GILD) with Outperform ratings and a $16 target and $51 target and Celgene Corp. (NASDAQ: CELG) and Genentech Inc. (NYSE: DNA) with Market Perform ratings and a $69 target and $85 target.
CIBC initiated shares of WESCO International Inc. (NYSE: WCC) with a Sector Outperformer rating and $46 target. The firm believes lower estimates are already priced into shares and that the company's operating initiatives increase the chances for more stable margins in this environment.
Deutsche Bank started shares of Wyndham Worldwide Corp. (NYSE: WYN) with a Buy rating and $41 target. The firm believes stability of the timeshare industry, international expansion and improved transparency will serve as catalysts for shares.
Century Casinos Inc. (NASDAQ: CNTY) was initiated at Nollenberger with a Neutral rating, citing the underperformance of new properties and concerns from the smoking ban in Colorado; however, the firm believes the company is headed in the right direction.

OTHER INITIATIONS:

Soleil started shares of Sunoco Inc. (NYSE: SUN) and Valero Energy Corp. (NYSE: VLO) with Buy ratings and targets of $96 and $88, and initiated shares of Tesoro Corp. (NYSE: TSO) with a Hold rating and $55 target.
Rodman & Renshaw started shares of Labopharm Inc. (NASDAQ: DDSS) with a Market Perform rating.
UBS resumed coverage on Kroger Co. (NYSE: KR) with a Buy rating and $34 target.

MOST NOTEWORTHY: Seagate Technology (STX), Analog Devices inc (ADI) and Whole Foods Market Inc (WFMI) were some of today's notable upgrades:

AG Edwards upgraded Seagate Technology (NYSE: STX) to Buy from Hold citing improving fundamentals as the company ramps 1.8" drives in the first quarter, with a potential Apple (AAPL) qualification, and market share gains in notebooks.

ThinkEquity upgraded Analog Devices Inc (NYSE: ADI) to Accumulate from Source of Funds, with a target of $38, as they believe the improvement in bookings are sustainable; Citigroup also upgraded Analog Devices, to Buy from Hold, to reflect the company's earnings expectations.

William Blair upgraded Whole Foods Market Inc (NASDAQ: WFMI) to Outperform from Market Perform based on valuation and the benefits of the Wild Oats Markets (NASDAQ: OATS) acquisition; HSBC upgraded shares of Whole Foods to Neutral from Underweight, with a $52 target, and UBS upgraded shares to Buy from Neutral based on the acquisition.

OTHER UPGRADES:

Prudential upgraded Goldcorp inc (NYSE: GG) to Neutral from Underweight citing the increase in gold prices and a potential increase in Penasquito mine reserves.

Stifel upgraded QMed Inc (NASDAQ: QMED) to Buy from Hold on improved revenue visibility.

IHOP Corp (NYSE: IHP) was upgraded at Raymond James to Outperform from Market Perform with a $64 target.

Bernstein upgraded Commerce Bancorp Inc (NYSE: CBH) to Outperform from Market Perform.

Stereotaxis Inc (NASDAQ: STXS) was upgraded to Neutral from Sell at Goldman Sachs following its better-than-expected fourth quarter.

Morgan Stanley upgraded National Semiconductor Corp (NYSE: NSM) to Overweight from Equal Weight citing improving fundamentals and valuation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

#	Blogger	Posts
1	Joseph Lazzaro	120
2	Tom Johansmeyer	102
3	Steven Mallas	54
4	Connie Madon	50
5	Tom Taulli	48
6	Mark Fightmaster	39
7	Steven Halpern	36
8	Trey Thoelcke	34
9	Paul Foster	25
10	Brian White	24
11	Brent Archer	23
12	Jon Ogg	23
13	Melly Alazraki	22
14	Jim Cramer	22
15	Zac Bissonnette	22
16	Eric Buscemi	18
17	Michael Fowlkes	14
18	Michael Shulman	13
19	Elizabeth Harrow	12
20	Sheldon Liber	10

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