Analyst initiations: MKTY, RRC and VQ

January 11th, 2008 | Category: Analyst Initiations

MOST NOTEWORTHY: Mechanical Technology, Range Resources and Venoco Inc were today’s noteworthy initiations:

Merriman assumed coverage of Mechanical Technology (NASDAQ:MKTY) with a Buy rating and expects share appreciation as they company pursues the large market for charging and powering cell phones, digital cameras, digital video equipment and PDAs. They believe a 12-month stock price range of $2.50-$3.00 is justified.
Jefferies initiated Range Resources (NYSE:RRC) with a Buy rating and $65 target as they believe the company is well-positioned to generate above-average production/reserve growth by the next several years.
Venoco (NYSE:VQ) was initiated with a Hold rating and $21

target at Jefferies. The firm thinks some slippage in the timing of pipeline projects is possible and feels the company’s 2008 production outlook could prove to be overly optimistic.

OTHER INITIATIONS:

Bank of New York (NYSE:BK) was initiated with an Outperform rating at William Blair.
Deutsche Bank initiated Medco Health (NYSE:MHS) with a Buy rating and $130 target.
Societe Generale started Philips Electronics (NYSE:PHG) with a Buy rating.