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Analyst initiations: KCP, TPX, BIIB, CBST and SHOR

MOST NOTEWORTHY: Kenneth Cole, Tempur Pedic, Biogen Idec, Cubist Pharma and ShoreTel were today's noteworthy initiations:
  • B. Riley started shares of Kenneth Cole (NYSE: KCP) with a Neutral rating and $21 target, citing a lack of near-term catalysts and the challenging environment for footwear companies.
  • William Blair resumed coverage of Tempur Pedic International (NYSE: TPX) with an Outperform rating, and finds the current valuation attractive for long-term investors.
  • Banc of America assumed coverage of Biogen Idec (NASDAQ: BIIB) with a Neutral rating and $79 target, as they see less than 50% probability of a sale at current prices and expect shares to trade back to pre-announcement levels in the mid-to-high $60s if no sale is made.
  • Cubist Pharmaceuticals (NASDAQ: CBST) was initiated with a Sector Performer rating at CIBC, citing competitive headwinds.
  • ShoreTel (NASDAQ: SHOR) was initiated with a Neutral rating at Nollenberger on valuation.
OTHER INITIATIONS:
  • UBS initiated CVS Caremark (NYSE: CVS) with a Buy rating and Rite Aid (RAD) and Walgreen (WAG) with Neutral ratings.
  • Caris initiated Starent Networks (NASDAQ: STAR) with an Average rating and $23 target.

Analyst initiations: CMCSA, CMVT, CNET and TWC

MOST NOTEWORTHY: Comcast (CMCSA), Time Warner Cable (TWC), CNet Networks (CNET), Coviden (COV) and I.D. Systems (IDSY) were today's noteworthy initiations:
  • Stanford started CNet (NASDAQ: CNET) with a Buy rating and $10 target, as the company is well positioned to benefit from its developing web properties.
  • Bear Stearns expects shares of Covidien (NYSE: COV) to move up, starting shares with an Outperform rating, as the management transforms the company from a cash flow focused conglomerate division into a faster-growing, nimble competitor.
  • Merriman said I.D. Systems (NASDAQ: IDSY) is uniquely positioned in the wireless asset tracking market given its focus on industrial machinery and material handling equipment, starting shares with a Buy rating...
OTHER INITIATIONS:
  • Comverse (OTC: CMVT) was initiated with a Neutral rating at Merriman.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst initiations: AMD, DGX, NWA and ODFL

MOST NOTEWORTHY: Old Dominion Freight (ODFL), Jamba (JMBA), AMD (AMD), Orbitz Worldwide (OWW) and Quest Diagnostics (DGX) were today's notable initiations:
  • Baird is positive on Old Dominion's (NASDAQ: ODFL) growth opportunities, valuation, 2008 improving truck fundamentals, and a potentially seasonally stronger Q4, starting shares with an Overweight rating and $36 target.
  • Merriman initiated Jamba (NASDAQ: JMBA) with a Buy rating, as the company aggressively expands its store base beyond California.
  • BMO Capital believes AMD (NYSE: AMD) may lose the Intel platform integrated graphics market, and sizeable Intel platform discrete graphics market share. The firm initiated AMD shares with an Underperform rating and $10 target.
  • Soleil has concerns regarding Orbitz Worldwide's (NYSE: OWW) decelerating growth and poorer business mix vs. competitors and started shares with a Hold rating and $13 target.
  • Credit Suisse initiated Quest Diagnostics (NYSE: DGX) with a Neutral rating and $61 target, citing the recent UnitedHealth (UNH) contract loss, slowing growth, and valuation for its Neutral rating...
OTHER INITIATIONS:
  • JMP Securities started ShoreTel (NASDAQ: SHOR) with a Market Outperform rating.
  • Credit Suisse initiated LabCorp (NYSE: LH) with an Outperform rating.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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Last updated: December 01, 2008: 07:38 PM

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