MOST NOTEWORTHY: Syntroleum, Pervasive Software and Ardea Biosciences were today’s noteworthy initiations:

• Merrriman believes Syntroleum (NASDAQ: SYNM) possesses the technological platforms with its Biofining process and the cost structures with its Tyson Foods (NYSE: TSN) relationship needed to commercialize clean synthetic fuels. The firm started shares with a Buy rating.
• Pervasive Software (NASDAQ: PVSW) was assumed with a Buy rating and $7 target at B. Riley, as they find shares appealing in that market given the company’s solid balance sheet with a sizeable cash balance and positive operating cash flow. They believe the
  stock is undervalued at current levels.
• Ardea Biosciences (NASDAQ: RDEA) was assumed with an Outperform rating at Cowen. The firm believes Ardea has a promising clinical pipeline for HIV, gout, and cancer.

OTHER INITIATIONS:

• Deutsche Bank initiated Nissan (NASDAQ: NSANY), Honda (NYSE: HMC) and Toyota (NYSE: TM) with Buy ratings.
• UBS initiated SanDisk (NASDAQ: SNDK) with a Neutral rating and $28 target.

Original post by Eric Buscemi

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