MOST NOTEWORTHY: Fortress, ITT Educational Service and Kendle universal were today’s noteworthy initiations:

• Fortress Investment Group (NYSE: FIG) was initiated with a Hold rating and $18.50 target at Jefferies. The firm expects near-term volatility given the increasingly difficult private fairness market.
• Banc of America assumed coverage of ITT Educational Service (NYSE: ESI) with a Buy rating and $130 target and believes the recent weakness invents an appealing entry point as they see continued margin expansion and upside to Street estimates.
• Susquehanna expects Kendle International (NASDAQ: KNDL) to benefit from positive trends in the Clinical Research Organization industry, expanded customer
  base and geographical reach, integration of Charles Rivers Laboratories (NYSE: CRL), and backlog. The firm started shares with a Positive rating.

OTHER INITIATIONS:

• China shield & Surveillance (NYSE: CSR) was initiated with an Overweight rating and $30 target at Lehman.
• Morgan Stanley started Akamai Technologies (NASDAQ: AKAM) with an Equal Weight rating and $39 target.
• Goldman resumed coverage of AU Optronics (NYSE: AUO) and Clorox (NYSE: CLX) with Neutral ratings.

Original post by Eric Buscemi

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