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Benzinga's Initiation Summary for June 14, 2012


Listed below are today's Top Initiations covered by Benzinga:

Global Hunter Securities Initiates CAI International (NYSE: CAP) with Accumulate rating, $21 PT:

Global Hunter Securities comments, "As one of several public container leasing companies, we believe that CAI International (CAP) represents the best opportunity in the group as it relates to current valuation, leverage ratio, fleet expansion and earnings growth. …We foresee an operating environment where CAI will be able to expand its company-owned fleet and subsequent earnings stream during a time when container leasing companies are likely to consolidate market share of the global shipping container fleet."

Credit Suisse Initiates EV Energy Partners (NASDAQ: EVEP) at Neutral, $56 PT:

Credit Suisse remarks, “We initiate coverage of EVEP with a Neutral rating and $56 target price. In our view, EVEP is a high- quality upstream MLP with a well established track record of successfully identifying and integrating accretive acquisitions. We believe that EVEP's current price fairly reflects the upside potential from the Utica Shale "monetization," which we believe will be modestly diluted by low natural gas prices. Based on the current price, we forecast a total return potential of 18%.”

Cantor Fitzgerald Initiates ImmunoGen (NASDAQ: IMGN) at Hold, $15 PT:

Cantor Fitzgerald comments, "ImmunoGen is approaching commercial revenue via a partnership with Roche, and this is a solid positive for the stock. However, much of the good news is in the valuation and another catalyst is needed for greater appreciation, in our view."

Brean Murray Carret Initiates Ventrus Biosciences (NASDAQ: VTUS) at Buy, $30 PT:

Brean Murray Carret and Co. comments, “We are initiating coverage of Ventrus Biosciences Inc. with a Buy rating, as we believe that VEN 309 has blockbuster potential, given its proven efficacy, large target market and the lack of competitive prescription hemorrhoid drugs. Our Buy rating and 12‐month target price of $30 are based on a DCF analysis using a 40% discount rate and a 6x multiple of the terminal value for the projected 2022 EBITDA of $936 million. Ventrus is focused on developing drugs for gastrointestinal indications. The company's lead drug candidate, VEN 309, has completed several Phase 2 trials in patients with hemorrhoids, and within weeks, Phase 3 data will be released that we believe will support approval. Ventrus' secondary product, VEN 307, has already succeeded in a European Phase 3 trial, and we look forward to the pivotal Phase 3 trial in the U.S. beginning enrollment in 2H12.”

All of Benzinga's Initiation coverage can be viewed here.

Latest Ratings for CAP

Feb 2015Keefe Bruyette & WoodsMaintainsOutperform
Jan 2015FBR CapitalDowngradesOutperformMarket Perform
Oct 2014FBR CapitalMaintainsOutperform

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Posted-In: Brean Murray Carret Cantor Fitzgerald Credit Suisse Global Hunter SecuritiesAnalyst Color Price Target Analyst Ratings Best of Benzinga

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