Analyst initiations: AAPL, DELL, IBM, XOM, GRMN ...

Filed under: Analyst reports, Apple Inc (AAPL), Dell (DELL), Hewlett-Packard (HPQ), Exxon Mobil (XOM), International Business Machines (IBM), Chevron Corp (CVX), Sun Microsystems (JAVA), Analyst initiations, Garmin Ltd (GRMN)

MOST NOTEWORTHY:

• Garmin (NASDAQ: GRMN) was initiated with a Neutral rating at JP Morgan. The firm sees risk to 2008 Street estimates given the consumer slowdown in the U.S. and potential ASP and margin pressure as channel inventory is worked down.
  


• Morgan Stanley assumed Thomson Reuters (NASDAQ: TRIN) with an Underweight rating and expects revenue growth in the company's financial business to slow sharply into 2009.
  


• William Blair believes Heritage-Crystal Clean (NASDAQ: HCCI) has the opportunity to gain market share over the next several years as a result of its differentiated parts-cleaning programs, strong sales organization, and experienced management team. Shares were assumed with an Outperform rating.

• Lehman initiated Dell (NASDAQ: DELL) and Sun Microsystems (NASDAQ: JAVA) with Equal Weight ratings and targets of $20 and $17 and Apple (NASDAQ: AAPL), IBM Corp (NYSE: IBM) and Hewlett-Packard (NYSE: HPQ) with Overweight ratings and targets of $195, $144 and $59, respectively.
  


• Pacific Growth started Spectranetics (NASDAQ: SPNC) with a Neutral rating.
  


• Merrill reinstated Chevron (NYSE: CVX), ExxonMobil (NYSE: XOM) and Hess Corp (NYSE: HES) with Buy ratings and price targets of $110, $105 and $125, respectively.

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