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Analyst initiations: WYE, SSRX, CEL and PTNR

MOST NOTEWORTHY: Wyeth, 3SBio Inc, Cellcom Israel and Partner Communications were today's noteworthy initiations:

Citigroup initiated Wyeth (NYSE: WYE) with a Hold rating and $49 target. The firm believes the upside potential from bapineuzumab is masking the company's unfavorable average EPS and revenue growth forecast versus the industry.
Piper believes 3SBio Inc (NASDAQ: SSRX) is the market leader in a largely underpenetrated EPO market in China and sees limited downside risk. Shares were assumed with a Buy rating and $12 target.
RBC Capital initiated Cellcom Israel (NYSE: CEL) and Partner Communications (NASDAQ: PTNR) with Outperform ratings and targets of $40 and $30, respectively. RBC said they have defensive appeal given their predictable earnings stream.

OTHER INITIATIONS:

HCP (NYSE: HCP), Nationwide Health Properties (NYSE: NHP) and Medical Properties Trust (NYSE: MPW) were initiated with Market Perform ratings at Wachovia.
SanDisk (NASDAQ: SNDK) was assumed with an Above Average rating and $20.50 target at Caris.

MOST NOTEWORTHY: CVS Corp (CVS), Express Scripts, Inc (ESRX) and Goodrich Petroleum Corp (GDP) were some of today's more notable initiations:

CVS Corp (NYSE: CVS) was reinstated at Credit Suisse with an Outperform and at JP Morgan with Neutral ratings.

Express Scripts (NASDAQ: ESRX) was reinstated at Credit Suisse with an Outperform rating, up from its Neutral rating, and resumed at Bank of America with a Buy rating. JP Morgan reinstated Express Scripts share with an Overweight rating.

Goodrich Petroleum (NYSE: GDP) was initiated with an Overweight rating at JP Morgan.

OTHER INITIATIONS:

Jefferies initiated Cellcom Israel Ltd (NYSE: CEL) with a Buy rating and $21 target.

CIBC initiated 3SBio Inc (NASDAQ: SSRX) with a Sector Outperformer rating and $17 target; the firm said 3SBio Inc offers the broadest range of BioGenerics in the Chinese market and views the company as an execution story and country play.

Cowen started G-III Apparel Group, Ltd (NASDAQ: GIII) with an Outperform rating based on expectations of market share growth to be driven by new brands and products.