Benzinga's Initiation Summary for June 25, 2012

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

Jefferies Initiates China Life Insurance (NYSE: LFC) at Hold:

Jefferies notes, “We initiate coverage on China Life at Hold with a price target of HK$20.0. China Life is trading at trough valuation of 1.34x/5.5x 12E P/EV and NBVM (vs. 5-year historical average of 2.6x and 28x). However, we believe the past is not a good reference point and think China Life faces challenges ahead before it can rerate, especially given its ongoing weak growth.”

KeyBanc Capital Markets Initiates Hubbell (NYSE: HUB.B) at Buy:

KeyBanc comments, "The Company, in our opinion, has: 1) favorable end market exposure; 2) a top tier management team; and 3) upside from M&A. We acknowledge that other investors have come to a similar conclusion (shares have recently outperformed peers), but believe that there is still 2x more upside potential vs. downside risk to shares over the next 12 months. While we historically like to see 3x the upside potential for BUY-rated stocks, we are making an exception given the uncertain macro environment and our confidence that Hubbell will outperform the majority of its peers over the next 12 months."

Sterne Agee Initiates CommVault Systems (NASDAQ: CVLT) at Buy:

Sterne Agee went on to say “We believe CommVault's all-in-one backup/archival/management platform continues to resonate well in the multi-billion a year market against a more fragmented, multi-solution approach among competitors. We argue that productivity yields have room for expansion and more importantly, growth in VMs will create significant backup bottlenecks with Simpana as a key strategic technology solution.”

Morgan Stanley Initiates Intermolecular (NASDAQ: IMI) at Equal-weight:

Morgan Stanley says, "We like the fundamental value proposition and see long-term value in the shares. However, uncertainty around Elpida's bankruptcy remains a near-term overhang. We conservatively budget for Elpida to hinder high margin royalty revenues, and delay royalty revenues into late CY14."

Citigroup Initiates Web.com (NASDAQ: WWWW) at Buy:

Citigroup says, "Small businesses (SBs) account for less than 10% of IT spending but ~20% of employment. We believe improved ease of use, accessibility and affordability will result in SB spending on IT increasing to over $120B by 2016. We also view Web.com as an attractive defensive investment with nearly 100% of revenue generated in the US and significant exposure to small business, which hasn't yet recovered from the 2008-09 downturn."

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