ThinkPanmure Starts CEVA Inc. (CEVA) at Buy May 16, 2008 11:48AM

ThinkPanmure initiates coverage on CEVA Inc. (Nasdaq: CEVA) with a Buy rating.

CEVA, Inc. engages in designing and licensing programmable digital signal processor cores, DSP-based subsystems, application-specific platforms, and a range of software components primarily for the handset, mobile multimedia, and home entertainment markets.


Sidoti Starts McCormick & Schmick's Seafood Restaurants (MSSR) at Neutral May 16, 2008 11:32AM

Sidoti & Co. initiates coverage on McCormick & Schmick's Seafood Restaurants (Nasdaq: MSSR) with a Neutral rating.

McCormick & Schmick's Seafood Restaurants, Inc. operates seafood restaurants for casual diners, families, tourists, business travelers, and special occasion diners.


Capital One Southcoast Starts Range Resources (RRC) at Strong Buy May 16, 2008 10:18AM

Capital One Southcoast initiates coverage on Range Resources (NYSE: RRC) with a Strong Buy rating and a $92 price target.

Despite being up 33% year-to-date and 87% over 2007, the firm believes that Range Resources will still see upside and expects the company to "be another top performing stock for the next several years."

Capital One's $92 price target on Range Resources consists of $53 of proved reserves, $10 in Barnett Shale unbooked upside, $28 in Appalachian Marcellus Shale upside, $8 in Nora/Haysi unbooked upside and $2 in other assets, minus $9 per share in debt. Notably, the firm believes that if Range Resources continues to see strength in its Appalachian Marcellus Shale, the company's assets for this segment could "see considerable upside" from Capital One's estimate of $28 per share.

Range Resources Corporation, an independent oil and gas company, engages in the exploration, development, and acquisition of oil and gas properties primarily in the southwestern, Appalachian, and Gulf Coast regions of the United States.


Capital One Southcoast Starts XTO Energy (XTO) at Add; $75 PT May 16, 2008 09:51AM

Capital One Southcoast initiates coverage on XTO Energy (NYSE: XTO) with an Add rating and a $75 price target.

The firm said XTO has consistently had:

  • top-tier management
  • low-cost growth
  • performance better than the rest of the E&P group year after year

Capital One called XTO "a core holding for energy investors." As XTO has reserves of more than 80% natural gas, the firm's price target on XTO is based on a long-term nat. gas price of $9. If nat. gas prices rise closer to $10/Mcfe, Capital One feels XTO could move to $88.

The firm's valuation breakdown for XTO is as follows: $68 of proved reserves and $20 of probable reserves, minus $13 of long-term debt and negative working capital. Capital One's price target represents a potential return of 17% from today's current level aroudn $64.50.

XTO Energy, Inc. and its subsidiaries engage in the acquisition, development, exploitation, and exploration of producing oil and gas properties in the United States.


Wedbush Morgan Starts Akamai Technologies (AKAM) at Buy May 16, 2008 09:48AM

Wedbush Morgan initiates coverage on Akamai Technologies Inc. (Nasdaq: AKAM) with a Buy rating and$45 price target.

The firm said checks show that volume growth and a more stable pricing environment could lead to upside. They also said improving EBITDA margin highlights highly leverageable core operations, offsetting gross margin decline and a highly recurring revenue model should insulate Akamai from a slow US economy.


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