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Analyst initiations: WL, DRH and OMRI

MOST NOTEWORTHY: Wilmington Trust, DiamondRock Hospitality and Omrix Biopharm were today's noteworthy initiations:

B. Riley initiated Wilmington Trust (NYSE: WL) with a Neutral rating and $33 target and points out the company has greater exposure to construction and development loans than most small- and mid-cap banks.
DiamondRock Hospitality (NYSE: DRH) was assumed with a Market perform rating and $13.50 target at Keefe Bruyette. The firm sees limited upside given expectations for continued moderation in RevPAR trends, limited operating margin expansion and an uncertain economic outlook.
Rodman & Renshaw believes that the issues that have plagued Omrix Biopharm (NASDAQ: OMRI) are now largely reflected in shares and that the company has improved visibility on business fundamentals with solid execution. The firm assumed coverage with an Outperform rating and $18 target.

OTHER INITIATIONS:

UBS initiated Millennium Pharma (NASDAQ: MLNM) with a Neutral rating and $16 target.
Credit Suisse initiated Ryanair (NASDAQ: RYAAY) with a Neutral rating.
Morgan Stanley started Brasken (NYSE: BAK) with an Underweight rating.

MOST NOTEWORTHY: New York Community Bancorp, Gushan Environmental and Central European Distribution were today's noteworthy initiations:

Citigroup believes New York Community Bancorp (NYSE: NYB) is uniquely-positioned to benefit from the current operating environment and expects loan growth, NIM expansion, and good credit to boost EPS growth over the next year. The firm initiated shares with a Buy rating and $19 target.
Oppenheimer said Gushan Environmental (NYSE: GU) benefits from the Chinese government's policies encouraging growth of renewable fuels; shares were initiated with an Outperform rating and $14 target.
Jefferies initiated Central European Distribution (NASDAQ: CEDC) with a Buy rating and $66 target and views the company as a pure play on rising disposable incomes, particularly in Poland where it is headquartered.

OTHER INITIATIONS:

Lehman assumed Ciena (NASDAQ: CIEN) with an Overweight rating and $35 target.
BMO Capital started Millenium Pharma (NASDAQ: MLNM) with an Outperform rating and $18 target.
Keefe Bruyette started Meridian Interstate Bancorp (NASDAQ: EBSB) with an Outperform rating and $11.50 target.

MOST NOTEWORTHY: Monsanto, AstraZeneca and Millenium Pharmaceutical were today's noteworthy upgrades:

Banc of America upgraded shares of Monsanto (NYSE: MON) to Buy from Neutral as they have grown more comfortable with two previous concerns: competition and valuation. They see an attractive entry point ahead of strong expected results for Q2.
UBS upgraded shares of AstraZeneca (NYSE: AZN) to Neutral from Sell on valuation, as they believe many of the risks are priced into shares at current levels.
Piper upgraded Millenium Pharma (NASDAQ: MLNM) to Buy from Neutral and added shares to their Alpha List ahead of additional front-line Velcade presentations at ASCO and expected front-line Velcade approval by June 20.

OTHER UPGRADES:

Jefferies raised GSI Commerce (NASDAQ: GSIC) to Buy from Hold.
JA Solar (NASDAQ: JASO) was upgraded to Overweight from Equal Weight at Lehman.
Credit Suisse upgraded Wimm-Bill-Dann Foods (NYSE: WBD) to Outperform from Neutral.

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