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.
MOST NOTEWORTHY: Comcast (CMCSA), Time Warner Cable (TWC), CNet Networks (CNET), Coviden (COV) and I.D. Systems (IDSY) were today's noteworthy initiations:
Banc of America resumed coverage of Comcast (NADAQ: CMCSA) and Time Warner Cable (NYSE: TWC) with Buy ratings and $32 and $43 targets, respectively.
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.
Lehman started Getty Images (NYSE: GYI) with a Equal Weight rating and ShoreTel (NASDAQ: SHOR) with an Overweight rating.
Jefferies initiated Harmonic (NYSE: HLIT) with a Buy rating.
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...
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MOST NOTEWORTHY: Kenneth Cole, Tempur Pedic, Biogen Idec, Cubist Pharma and ShoreTel were today's noteworthy initiations:
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