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Analyst initiations: BEC, BT and MITI

MOST NOTEWORTHY: Beckman Coulter, BT Group and Micromet were today's noteworthy initiations:
  • Oppenheimer believes Beckman Coulter (NYSE:BEC) is well-positioned to leverage its broad installed base in the clinical lab market to increase sales of its consumable and a new molecular diagnostics instrument expected in 2010. The firm initiated shares with an Outperform rating and $80 target.
  • Societe Generale expects BT Group's (NYSE:BT) domestic revenues to deteriorate as line erosion accelerates; shares were assumed with a Sell rating.
  • Roth Capital started Micromet (NASDAQ:MITI) with a Buy rating and $3 target. The firm expects the company's proprietary 'BiTE' antibody platform to gain validation as its lead candidate MT103 starts accumulating clinical data in multiple hematology indications.
OTHER INITIATIONS:
  • Yahoo! (NASDAQ:YHOO) was initiated with a Neutral rating at Merrill.
  • Piper resumed coverage of Alexion Pharma (NASDAQ:ALXN) with a Buy rating and $88 target.
  • MedAssets (NASDAQ:MDAS) was started at Jefferies with a Buy rating and $25 target.

Analyst upgrades: GE, X, ABT, FNM, FRE and MITI

MOST NOTEWORTHY: Abbott Lab, Fannie Mae, Freddie Mac and Micromet were today's noteworthy upgrades:
  • Wachovia upgraded Abbott Lab (NYSE: ABT) to Outperform from Market Perform as they believe their earlier concerns have been addressed. Past concerns included the potential for a negative outcome from the FDA panel on Xience and slowing prescription growth of lead drug Humira.
  • Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) were raised to Outperform from Market Perform at Keefe Bruyette citing recent government actions to stabilize the mortgage markets.
  • Micromet (NASDAQ: MITI) was upgraded at RBC Capital to Outperform from Sector Perform as they expect positive data for its lead candidate, MT103, by year-end.
OTHER UPGRADES:

Symbol Lookup
IndexesChangePrice
DJIA-344.6511,188.23
NASDAQ-74.692,259.04
S&P 500-38.151,236.83

Last updated: September 05, 2008: 12:50 AM

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