MOST NOTEWORTHY: Garmin, Thomson Reuters and Heritage-Crystal Clean were today's noteworthy initiations:
Garmin (NASDAQ: GRMN) was initiated with a Neutral rating at JP Morgan. The firm sees risk to 2008 Street estimates given the consumer slowdown in the U.S. and potential ASP and margin pressure as channel inventory is worked down.
Morgan Stanley assumed Thomson Reuters (NASDAQ: TRIN) with an Underweight rating and expects revenue growth in the company's financial business to slow sharply into 2009.
William Blair believes Heritage-Crystal Clean (NASDAQ: HCCI) has the opportunity to gain market share over the next several years as a result of its differentiated parts-cleaning programs, strong sales organization, and experienced management team. Shares were assumed with an Outperform rating.
OTHER INITIATIONS:
Lehman initiated Dell (NASDAQ: DELL) and Sun Microsystems (NASDAQ: JAVA) with Equal Weight ratings and targets of $20 and $17 and Apple (NASDAQ: AAPL), IBM Corp (NYSE: IBM) and Hewlett-Packard (NYSE: HPQ) with Overweight ratings and targets of $195, $144 and $59, respectively.
Pacific Growth started Spectranetics (NASDAQ: SPNC) with a Neutral rating.
Merrill reinstated Chevron (NYSE: CVX), ExxonMobil (NYSE: XOM) and Hess Corp (NYSE: HES) with Buy ratings and price targets of $110, $105 and $125, respectively.
MOST NOTEWORTHY: Apple (AAPL), Spectranetics (SPNC), First Solar (FSLR) and Online Resources (ORCC) were today's noteworthy initiations:
ThinkEquity believes Apple Inc (NASDAQ: AAPL) is one of the best-positioned hardware companies that can capitalize on the monetization of digital media consumption through PC, televisions and mobile devices. The firm transferred coverage with an Accumulate rating and $135 target.
Roth Capital said atherectomy procedures continue to grow in the high-teens and that Spectranetics (NASDAQ: SPNC) should be able to exceed these growth rates with its ability to treat certain complicated lesions as well as through new product introductions. The firm started shares off with a Buy rating and $15 target.
Deutsche Bank initiated shares of First Solar (NASDAQ: FSLR) with a Neutral rating and $90 target on valuation.
CIBC started Online Resources (NASDAQ: ORCC) with a Sector Performer rating and $15 target, citing favorable risk/reward...
OTHER INITIATIONS:
G&K Services (NASDAQ: GKSR) was initiated with a Hold rating at Needham.
Diodes (NASDAQ: DIOD) was initiated with a Buy rating at LongBow.
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MOST NOTEWORTHY: Garmin, Thomson Reuters and Heritage-Crystal Clean were today's noteworthy initiations:
Earnings preview for Ford
Apple shares rise on report Steve Jobs is free of cancer
Toyota whups GM in the first half of 2008
