MOST NOTEWORTHY: Smart Balance, Cascal NV and Ashland were today’s noteworthy initiations:

• Citigroup initiated Smart Balance (NASDAQ: SMBL) with a Hold rating and $9 target, as they believe success of the company’s new products is not a foregone conclusion and prefers to wait for increased visibility before fitting more positive on the name.
• JP Morgan believes Cascal NV (NYSE: HOO) will leverage its global scale and expertise in water infrastructure markets to drive 25% annual EPS growth through 2010. The firm has an Overweight rating on the stock.
• Ashland (NYSE: ASH)
  was started with a Positive rating as Susquehanna, as they are positive on ASH’s earnings ability. The firm views shares as a compelling risk/reward opportunity.

OTHER INITIATIONS:

• Broadpoint assumed SuccessFactors (NASDAQ: SFSF) with a Strong Buy rating and $12 target.
• Morgan Stanley initiated Fastenal (NASDAQ: FAST) with an Equal Weight rating and $40 target.
• RBC Capital started Ultra Petroleum (NYSE: UPL) with a Sector Perform rating and $80 target.

Original post by Eric Buscemi

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