MOST NOTEWORTHY: Callaway Golf Co (ELY), Genentech, Inc (DNA), LSI Logic Corp (LSI) and Evergreen Solar, Inc (ELSR) were today's more notable initiations.
- Merriman initiated Callaway Golf Co (NYSE: ELY) with a Buy rating and believes new management could get the company back on track.
- Genentech (NYSE:DNA) was initiated at Prudential with a Neutral rating and $92 target. The firm believes the lack of a new product launch before 2010 is a concern for long-term growth.
- American Technology believes shares of LSI Logic (NYSE: LSI) are undervalued, initiating the company with a Buy rating and $13 target, given synergies and revenue opportunities from the merger with Agere Systems, Inc (AGR).
- Bank of America initiated Evergreen Solar Inc (NASDAQ: ESLR) with a Sell rating and $8 target to reflect the lack of visibility on its growth, which puts the company at a competitive disadvantage.
OTHER INITIATIONS:
- Salary.com, Inc (NASDAQ: SLRY) was initiated at Pacific Crest and Wachovia with an Outperform rating and at Thomas Weisel with an Overweight rating.
- Kaufman Brothers started VeriChip Corp (NASDAQ: CHIP) with a Buy rating, believing the company's growth position is compelling given its patented, FDA-approved microchip that can be implanted into humans for a variety of applications.
- Citigroup started Amgen, Inc (NASDAQ: AMGN) with a Hold rating and $64 target.
Analyst summaries provided by
TheFlyOnTheWall.com (subscription required).
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