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Analyst initiations: ARUN, BX and ESC

MOST NOTEWORTHY: Aruba Networks (ARUN), the aesthetic energy devices sector and Emeritus Corp (ESC) were today's noteworthy initiations:

JP Morgan initiated shares of Aruba Networks (NASDAQ: ARUN) with a Neutral rating. The firm believes Aruba shares are fully valued at these levels and reflects strong growth with operating leverage.Pacific Crest believes Aruba, initiated with a Sector Perform rating and $19 target, is a strong alternative to Cisco Systems (NASDAQ: CSCO) in the WLAN market and its strong position as a point vendor makes the company an attractive acquisition candidate.

Leerink Swann estimates the aesthetic energy devices sector is likely to experience 20% revenue growth over the next five years. The firm finds Thermage (NASDAQ: THRM) a turnaround-story which has a compelling mix of revenues from disposable tips while Cynosure (NASDAQ: CYNO) is capitalizing successfully on new product cycles with Affirm and SmartLipo. Palomar Medical Technologies (NASDAQ: PMTI) is viewed as the IP leader for hair removal products; Leerink initiated Thermage and Cynosure with Outperform ratings and Palomar with a Market Perform rating.

Emeritus Corp (AMEX: ESC) was initiated with a Buy rating and $33 target at Stifel, which believes ESC has one of the best cash earnings growth stories among any of the traded senior housing companies.

OTHER INITIATIONS:

CE Unterberg started shares of Synchronoss (NASDAQ: SNCR) with a Buy rating and $41 target.

Rodman & Renshaw started shares of Array Biopharma (NASDAQ: ARRY) and Tapestry Pharma (NASDAQ: TPPH) with Market Outperform ratings and an $18 target and $5 target, respectively.

Blackstone Group (NYSE: BX) was initiated with an Overweight rating and $41 target at Morgan Stanley.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MAJOR PAPERS:

The Wall Street Journal (subscription required) highlighted Apple Inc's (NASDAQ: AAPL) ongoing options probe among its headlines.

Federal Authorities are "actively" investigating backdated stock-option grants awarded to Steve Jobs, Apple's CEO.
The NYSE Group's (NYSE: NYX) New York Stock Exchange is planning a pilot program later this year that may bring real-time stock price data to investors via web sites such as Google Inc (NASDAQ: GOOG) and Yahoo Inc (NASDAQ: YHOO).

The Financial Times (subscription required) highlighted Britain's announcement to pull troops out of Iraq as the U.S. adds more to Iraq.

Siemens AG's (NYSE: SI) ex-CFO Heinz-Joachim Neuburgerwas named in a bribery probe.
British Prime Minister William Blair is set to announce an Iraq troop pullout of 2,600 soldiers.
Regulators in Britain say that stem cell work with animals may be legal, despite a proposal to ban on hybrid embryo experiments.

OTHER PAPERS:

The Economic Times reports that Reliance Industries may make a bid for General Electric Company's (NYSE: GE) Plastics Operations.
The Chicago Tribune reports that McDonald's Corporation (NYSE: MCD) may put its Boston Market chain up for sale.
CNet.com reports that Microsoft Corp (NASDAQ: MSFT) has lost its top executive in China, Li Gong.
Investor's Business Daily's "New America" column said that Middleby Corp (NASDAQ: MIDD) should profit from the trend away from trans fats with their new Rocket Fryer.
BusinessWeek's "Inside Wall Street" column mentioned Lockheed Martin Corporation (NYSE: LMT), Sempra Energy (NYSE: SRE) and Thermage Inc (NASDAQ: THRM) positively.