Astronics (ATRO) (AH) (CSOD) (CYOU) - New Ratings and Price Targets

New ratings and price targets on Astronics Co. (NASDAQ: ATRO), Accretive Health, Inc. (NYSE: AH), Cornerstone OnDemand (NASDAQ: CSOD) and Changyou.com Ltd (NASDAQ: CYOU).

Oppenheimer initiated coverage on Accretive Health, Inc. (AH). They placed a “Perform” rating on the firm.

Pacific Crest initiated coverage on Cornerstone OnDemand (CSOD). They placed an “Outperform” rating and a price target of $23.00 on the company.

Capstone initiated coverage on Astronics Co. (ATRO). They placed a “Buy” rating on the stock.

Brean Murray initiated coverage on Changyou.com Ltd (CYOU). They placed a “Buy” rating and a price target of $53.00 on them.

Buy IBM (NYSE:IBM) Says Capstone Investments

IBM (NYSE:IBM) is on the radar of Capstone Investments analyst Shebly Seyrafi, who placed a "Buy" on the company.

Seyrafi is particularly impressed with the commitment of IBM's management to growing profits as their top priority.

Also of note, according to Seyrafi, is IBM's ability to set a goal for profits and meet it, citing the company's 2007 goal of generating earnings of $11 a share and exceeding it.

He mentions that based on IBM saying they want to earn $20 a share by 2015, up from $11.52 in 2010.

With a goal of spending $20 billion in M&A through 2015, earnings will be driven by acquisition, but also apparently in some companies with solid margins.

That would make sense, as the majority of acquisitions IBM is targeting are projected to be software companies.

Capstone estimates 2011 revenue to grow to $105 billion this year for IBM, with EPS of $13.1 billion.

Capstone has a "Buy" rating on IBM, which closed Monday at $164.82, up $0.82, or 0.50 percent. They have a price target on IBM of $190.

Rambus (NASDAQ:RMBS) Undervalued says Capstone Investments

Capstone Investments says they see Rambus Inc. (NASDAQ:RMBS) as not being adequetely rewarded for their legal catalysts and momentum related to their licensing initiatives.

Capstone said, "We believe RMBS demonstrated its ability to license semi market leaders during FY10. As we enter FY11, we potentially expect several key legal decisions during 1H11. YTD RMBS shares have traded off 15-20%. We don't believe potential value from licensees, or potential legal damages are currently reflected in recent share price...For our new FY11 revenue estimate equals - $239M compared to - $225M."

Capstone Investments maintains a "Strong Buy" rating on Rambus Inc., which closed Tuesday at $19.94. Capstone has a price target of $45 on them.

Tesla Motors (NASDAQ:TSLA) Price Where it Should Be

Citing high costs and lack of infrastructure resulting in 'range anxiety,' Capstone Investments said on initiating coverage of Tesla Motors (NASDAQ:TSLA) that is its priced just where it should be.

Capstone noted, "Market for EVs will not grow in the time frame anticipated. We believe the premium cost and range anxiety will limit adoption of EVs. Tesla has sold - 1,400 vehicles since 2008 primarily because of a high sales price ($109K base price) but also because of the lack of recharging infrastructure, range limitations versus conventional vehicles and lack of a brand name. We expect that hybrid EVs (HEVs) and plug-in hybrid EVs (PHEVs) will continue to take the lion's share of green conscious automobile consumers given their lower price points, better driving ranges and availability from brand name OEMs such as General Motors, Nissan and Toyota."

Capstone Investments initiated coverage on Tesla Motors (NASDAQ: TSLA) with a "Sell" rating. Tesla was trading at $30.62, down $2.01, or 6.16 percent as of 12:49 PM EST. They have a price target on them of $22.