3M (MMM) (WTI) (AEZS) (RRC) (VDSI) Get Ratings Initiations

3M (NYSE:MMM), W&T Offshore (NYSE:WTI), Aeterna Zentaris (NASDAQ:AEZS), Range Resources (NYSE:RRC) and VASCO Data Security (NASDAQ:VDSI) had analysts initiate coverage on them.

3M (MMM) was started off with a "Buy" rating by Deutsche Bank (NYSE:DB), which has a price target of $110 on the company.

W&T Offshore (WTI) was started off with a rating of Equal Weight by Barclays Capital, with a price target of $26.

Aeterna Zentaris (AEZS) was initiated at a "Speculative Buy" rating by Canaccord Genuity, with a price target of $4.

Range Resources (RRC) was initiated at a "Neutral" rating by UBS (NYSE:UBS, with a price target of $55.

VASCO Data Security (NASDAQ:VDSI) was started off with a "Buy" by Dougherty & Company, which placed a price target of $15 on the firm.

MedAssets (MDAS) (MDRX) (QSII) (SOHU) (VICL) - New Ratings and Price Targets

New ratings and price targets on MedAssets, Inc. (NASDAQ: MDAS), Allscripts Healthcare Solutions (NASDAQ: MDRX), Quality Systems Inc (NASDAQ: QSII), Sohu.Com Inc. (NASDAQ: SOHU) and Vical Incorporated (NASDAQ: VICL).

Oppenheimer initiated coverage on MedAssets, Inc. (MDAS). They placed an “Outperform” rating and a price target of $21.00 on the company.

Oppenheimer initiated coverage on Allscripts Healthcare Solutions (MDRX). They placed an “Outperform” rating and a price target of $25.00 on the firm.

Oppenheimer initiated coverage on Quality Systems Inc (QSII). They placed a “Perform” rating on the stock.

Brean Murray initiated coverage on Sohu.Com Inc. (SOHU). They placed a “Hhold” rating on the shares.

Canaccord Genuity initiated coverage on Vical Incorporated (VICL). They placed a “buy” rating on the company.

SonoSite (SONO) (ABFS) (EFII) (NFLX) (IEX) PTs Adjusted by Analysts

Analysts cut and boosted their price targets on shares of Arkansas Best Corp (NASDAQ: ABFS), Electronics For Imaging, Inc. (NASDAQ: EFII), IDEX Corp (NYSE: IEX), Netflix, Inc. (NASDAQ: NFLX) and SonoSite Inc (NASDAQ: SONO) on April 26, as the earnings season is in full swing.

RBC Capital cut their price target on Arkansas Best Corp (ABFS) from $22.00 to $20.00. They have an “Underperform” rating on the company.

Citigroup (NYSE:C) raised its price target on Electronics For Imaging, Inc. (EFII) from $15.00 to $20.00.

Hudson Securities boosted their price target on IDEX Corp (IEX) from $47.00 to $54.00. They have a “Buy” rating on the firm.

Canaccord Genuity raised their price target on Netflix, Inc. (NFLX) from $250.00 to $300.00. They have a “Buy” rating on the NFLX.

JPMorgan Chase & Co. (NYSE:JPM) cut their price target on SonoSite Inc (SONO) from $42.00 to $40.00. They have an “Overweight” rating on the company.

Silver Wheaton (SLW) (HL) (AEM) (AGI) Upgraded by Cannacord

Canaccord Genuity analyst Steven Butler raised his ratings on Silver Wheaton (NYSE:SLW), Alamos Gold Inc. (TSE:AGI), Agnico-Eagle Mines Limited (NYSE:AEM) and Hecla Mining (NYSE:HL), while also boosting his price outlook for silver and gold for 2011.

“We continue to believe that macroeconomic conditions favor higher gold and silver prices, including record global liquidity, inflation prospects and low real interest rates, currency debasement on sovereign debt woes and political unrest in the Middle East and North Africa,” Butler wrote in a note.

Butler raised his gold price for 2011 to $1,525 an ounce and for silver to $42. For his peak price scenario, he sees gold jumping to $1,600 and silver to $47.50.

With the exception of Alamos Gold Inc., which was upgraded to "Speculative Buy" from "Hold," the rest of the companies were raised to "Buy."

Alamos was trading in Toronto at $15.93, gaining $0.73, or 4.80 percent. Agnico-Eagle Mines was trading in New York at $67.86, rising $0.42, or 0.62 percent, as of 1:22 PM EDT. Silver Wheaton was at $42.03, up $0.33, or 0.79 percent. Hecla was trading at $9.29, jumping $0.07, or 0.76 percent.

Salesforce.com (CRM) Threatened by Financial Breakdown, Correction

Canaccord Genuity analyst Richard Davis is still high on Salesforce.com (NYSE:CRM), as he raised his rating on the company while boosting his price target.

He noted that the company is “the same industry-leading juggernaut” it was before it took a 10 percent hit last week.

Even so, he said the stock does face a couple of risks. One is the possibility of a breakdown of the financial results, and secondly, a market correction

Davis said in a note, “We spend more time thinking about how those issues affect our company-specific projections than we do trying to play market maven on top of digging like mad for fundamental data points.”

He believes that once investors come back into growth stocks, Salesforce.com will be one of the top companies receiving new investment inflows.

Concerning financials, Davis noted the the fourth quarter report of Salesforce.com was "impressive." He did admit there were concerns over cash flow slowing down in 2011, citing adding more employees and increasing commissions for its people.

Salesforce.com was trading at $128.77, up $0.72, or 0.56 percent, as of 1:26 PM EST.

Brocade Communications Systems (BRCD) Jumps on Strong Guidance

Brocade Communications Systems (NASDAQ:BRCD) is enjoying an analyst love-fest today, as the beat earnings expectations and guidance was better than analysts were looking for.

Canaccord Genuity and Wedbush maintained their "Buy" rating on Brocade, while ThinkEquity and Wunderlich raised their rating to "Buy."

Deutsche Bank (NYSE:DB) didn't join the herd on this one, saying, "Our latest IT checks suggest continued volatility in Brocade’s sales and OEM partner execution – a trend that we anticipate to persist through FY11/12. The bar set by Cisco’s (NASDAQ:CSCO) Nexus switches and the upcoming Juniper’s (NASDAQ:JNPR) Stratus switch is likely to be steep for Brocade to overcome."

Brocade was trading at $6.56, gaining $0.54, or 8.97 percent, as of 11:49 AM EST.

Apple (NASDAQ:AAPL) PT Raised on iPhone, iPad Sustainable Trends

Apple (NASDAQ:AAPL) has their price target raised by Canaccord Genuity, which cited sales of iPhones and iPads remain strong. Also of note is the expected surge in iPhone sales from Verizon's (NYSE:VZ) product launch on February 10.

Canaccord analyst T. Michael Walkley said, "Our monthly channel checks indicated continued strong sales of the iPhone 4, as it remained by far the top-selling smartphone at AT&T (NYSE:T). Further, our checks indicated continued strong sales of the iPad. Finally, our checks indicated Verizon is planning for strong demand for the CDMA iPhone4 launch scheduled for February 10 (this Thursday), and we anticipate strong sales post the launch. As such, we have increased our iPhone unit estimates from 72.9M to 74.8M units for C2011 and raised our pro-forma F2011 EPS estimate from $21.84 to $22.92 and our F2012 estimate from $24.00 to $25.60."

Canaccord reiterated their "Buy" rating on Apple, which was trading at $355.25, up $3.37, or 0.96 percent, as of 12:43 PM EST. Canaccord raised their price target on Apple from $432 to $460.

TeleNav (NASDAQ:TNAV) Extends AT&T Agreement

The extension of TeleNav's (NASDAQ:TNAV) agreement with AT&T (NYSE:T) should make the stock lighter, according to Canaccord, which sees the core operating fundamentals of the company as strong.

Canaccord says, "Announced two-year extension to AT&T agreement with no changes in terms, removing an overhang on the stock, in our opinion.

"We continue to believe that core operating fundamentals are strong and that opportunities from mobile advertising and commerce exist going forward. All businesses are growing and the outlook is for continued growth...FQ3/11 revenue/EPS guidance of $48M-$50M/$0.15-$0.17 vs. consensus of $46.3M/$0.13. F2011 revenue/EPS guidance of $195M-$200M/$0.79-$0.83 vs. consensus of $190M/$0.70 and previous guidance of $187-192M/$0.64-$0.72."

Canaccord Genuity reiterates a "Buy" rating on TeleNav (TNAV), which closed Friday at 8.95, up $1.58, or 21.44 percent. Canaccord raised their price target on TeleNav from $10 to $15.25.

Cepheid (NASDAQ:CPHD) Growing on In-House MDX Testing Trend

Hospital lab trends are favoring Cepheid (NASDAQ:CPHD), as they are increasingly showing interest in bringing MDx testing in-house.

Canaccord says, "We reiterate our BUY on Cepheid following a strong quarter against very challenging comparisons (30% revenue growth in Q4/09). The results show that hospital labs are displaying interest in bringing MDx testing in-house with CPHD meeting their needs...Cepheid provided revenue guidance of $245M-$255M, which compares favorably to our previous estimate of $246M. GAAP EPS guidance calls for ($0.01) to $0.04. As a result we are raising our revenue estimate to $250M and lowering our EPS estimate to $0.03 from $0.17."

Canaccord Genuity maintains a 'Buy' rating on Cepheid (CPHD), which closed Friday at $23.91, dropping $0.27, or 1.12 percent. Canaccord boosted their price target on Cephid from $27 to $30.

Potash Corp. (NYSE:POT) to Benefit from Ongoing Fertilizer Purchases

Fertilizer demand in 2011 should continue on from 2010, and Potash Corp. (NYSE:POT) will benefit from the ongoing trend.

Canaccord says, "We believe the steady fertilizer purchasing that we witnessed in 2010 will continue through 2011 as farmers globally look at fertilizer purchases to power their crop growth. Furthermore, we believe we are witnessing the early stages of stock rebuilding at the distributor level, which should further add to the demand growth for fertilizers." (Canaccord FY11 EPS estimate is $9.21)

Canaccord Genuity maintains a 'Buy' rating on Potash Corp. (POT), which closed Friday at $174.16, up $0.02, or 0.01 percent. Canaccord raised their price target on Potash from $185 to $207.

Bottomline Technologies (NASDAQ:EPAY) Soaring Incrementally

Bottomline Technologies (NASDAQ:EPAY) has been quietly moving up under the radar of many investors, as they've been doing it quietly over a period of time, and not in major jumps.

Canaccord says, "Bottomline posted another solid quarter in which the firm reported record orders, 26% operating income growth, and a $0.06 upside. This stock has made a “sneaky” rally inasmuch as the shares have rarely moved much in any given day, but after a few months, the stock is up 30%+. We expect this dynamic to continue. As such we have no hesitation recommending purchase of EPAY at current levels...Our F2011 estimates increase by $1.2 million and $0.06 (inclusive of the Q2 beat). Our estimates imply roughly 13% growth and 180 bps margin improvement."

Canaccord Genuity reiterates a 'Buy' rating on Bottomline Technologies (EPAY), which closed Friday at $22.90, up $2.53, or 12.42 percent. Canaccord raised their price target on Bottomline from $20 to $25.

EQT's (NYSE:EQT) Capital Productivity Improving Slightly, Story the Same

While capital productivity is getting a slight improvement in 2011, EQT (NYSE:EQT) still looks like they're not going to surprise anyone, although they had their price target bumped up by Canaccord.

Canaccord says, "We are increasing our target from $35 to $38 to reflect higher E&P capital productivity and price realizations...In our view, EQT’s -60% premium (’11E EBITDA) to the group is unwarranted given a weaker CFPS growth (’11-’13E) outlook. Our target is underpinned by a $5 longterm gas price forecast and EQT’s -90% production weighting toward gas. Our revised capital productivity assumption generates ’11 estimated production growth of 32%, which is 2% above guidance and 1% above our prior forecast."

Canaccord Genuity reiterates a 'Sell' rating on EQT Corp. (EQT), which closed Friday at $46.55, losing $0.20, or 0.43. They raised their price target on EQT to $38.

Thoratec's (NASDAQ:THOR) Weak Guidance, Pipeline Earns it Downgrade

Thoratec (NASDAQ:THOR) was downgraded by Canaccord on their weak guidance and product pipeline.

Canaccord notes, "Weak 2011 guidance last night came on the
heels of a disappointing discussion about its new product pipeline timelines two weeks ago – especially juxtaposed to Heartware's (Nasdaq:HTWR) – thus we now forecast THOR’s US VAD unit growth will decline 1% in 2012 upon HTWR’s HVAD launch. While THOR posted solid OUS growth in Q4, coupled with our continued belief THOR will significantly grow its DT volume in coming years, expected protracted share loss beginning in 2012 drives our lower top- and bottom-line estimates. We now model EPS CAGR of just 8% through 2013 vs. the comp group CAGR of 14%."

Canaccord Genuity downgraded Thoratec (THOR) from "Buy" to

"Hold." Thoratec closed Friday at $23.13, losing $3.00, or 11.48 percent. Canccord lowered their price target on Thoratic to $23.

Amazon.com (NASDAQ:AMZN) Only in Temporary Lull

Amazon.com (NASDAQ:AMZN) had a good quarter again, beating consensus EPS estimates, and continuing to enjoy top-line growth. Investments in their distribution network is what weighed on the company for the quarter, but that's good for Amazon over the long haul, as they will be prepared for their next surge in growth the expanded distribution network affords them.

Canaccord says, "Amazon continued to see strong top-line growth and exceeded consensus EPS estimates, though the company’s investments into the expansion of its distribution network pressured pro forma operating margins to their lowest levels in a holiday quarter since the company turned profitable. Ultimately, we believe this is a short-term issue, as these investments scale to the level of the existing infrastructure."

Canaccord Genuity reiterates a "Buy" rating on Amazon.com (AMZN), which closed Friday at $171.14, falling $13.31, or 7.22 percent. Canaccord has a price target of $220 on Amazon.

Nalco Holding (NYSE:NLC) Gets Bullish Outlook from Canaccord

Nalco Holding Co. (NYSE:NLC) continues to draw the admiration of Canaccord Genuity, which sees managment's execution of their strategy as impressive.

Canaccord says, "We stay bullish on Nalco’s growth strategy, despite rising commodity headwinds, as management’s execution remains impressive, in our view. We continue to favor Nalco’s growing presence in BRIC+, coupled with a focus on higher-value solutions (bolstered by attractive energy macro). We note this is the first quarter for new CFO Kathryn Mikells...We remain comfortable with our estimates and view consensus as achievable, forecasting revs/EPS of $1.055B/$0.37 vs. the Street at $1.07B/$0.41 (NLC will report Q4/10 after the close on Feb. 1)."

Canaccord Genuity reiterates a "Buy" rating on Nalco Holding Co. (NLC), which closed Thursday at $30.39, up $0.01, or 0.03. Canaccord has a price target of $38 on Nalco.

Ancestry.com (NASDAQ:ACOM) Subscriber Growth Expected to Surge

Ancestry.com (NASDAQ:ACOM) is expected to extend its brand to a larger market, noted Canaccord, who sees their subscriber growth soaring, with the catalyst being the second season of Who Do You Think You Are? on NBC.

Canaccord says, "As Ancestry’s brand reaches a more mass-market audience, we expect to see strong subscriber growth and believe the second season of NBC’s reality show Who Do You Think You Are? will serve as a catalyst for that growth. With the stock trading at 32x PF earnings vs. the e-commerce group at 34x, and substantial growth opportunities from broader brand awareness, greater ease of use, and international expansion, we believe ACOM is likely to continue to outperform the broader Internet sector at 26x."

Canaccord Genuity reiterates a 'Buy' rating on Ancestry.com (ACOM), which closed Thursday at $35.98, gaining $0.61, or 1.72 percent. Canaccord has a price target on Ancestry.com of $40.

RPC (NYSE:RES) Driven by Demand for Downhole Tools, Coiled Tubing and Pressure Pumping

RPC (NYSE:RES) looks good for the next several quarters, says Canaccord, citing strong demand for Downhole Tools, rentals, Coiled Tubing and Pressure Pumping.

Canaccord says, "Following solid Q4 earnings, we are reiterating our BUY rating as we believe RES will continue to benefit from strong demand for pressure pumping, coiled tubing, and downhole tools and rentals for the next several quarters. We also like that RES continues to return cash to shareholders by increasing its dividend. We tweak our 2011 EPS estimate by 3 cents to $1.60 and roll out our 2012E EPS at $1.75. Our target price remains at $24.67, based on 5.7x and 14.1x 2012E EV/EBITDA and P/E."

Canaccord Genuity maintains a "Buy" rating on RPC Inc. (RES), which closed at $17.72, up $0.64, or 3.75 percent. Canaccord has a price target of $24.67 on RES.

Microsoft (Nasdaq:MSFT) Files Trade Complaint Against TiVo (Nasdaq:TIVO)

With companies looking for new sources of revenue, a growing number have filed complaints or lawsuits against competitors for infringing on their patents, with Microsoft (Nasdaq:MSFT) being the latest, alleging TiVo (Nasdaq:TIVO) infringed on four of their patents.

Canaccord says, "Not to be outdone by Kodak (NYSE:EK), Mr. Softie has filed a trade complaint against TiVo, accusing the television company of infringing four of its patents. The complaint alleges that Microsoft’s Mediaroom software platform, which allows “TV and video service providers to deliver enhanced entertainment content and applications to their subscribers”, and is licensed to companies such as AT&T (NYSE:T), relies on intellectual property violated by TiVo. Specifically, the tech giant complains TiVo's digital video recorder (DVR) technology infringes patents relating to program schedules and selection, user interface controls, and content restrictions based on program ratings. As a result, Microsoft is asking the U.S. International Trade Commission (ITC) to stop TiVo from importing its DVRs into the U.S. “Microsoft seeks an order excluding TiVo’s infringing set-top boxes and associated software and hardware from entry into the United States,” reads the January 24 complaint, “and a cease and desist order or orders halting the domestic sale of infringing, imported set-top boxes and associated software and hardware.” Notwithstanding the merit of Microsoft's claim, analysts say it is unlikely the ITC would award such an injunction. While Microsoft has certainly elevated the issue, it may be jockeying for position rather than looking for a result: discussions between the companies are ongoing, and the two are committed to finding a common solution. “We remain open to resolving this situation through an intellectual property licensing agreement, and we look forward to continued negotiations with TiVo,” said one Microsoft spokesperson."

Microsoft closed Wednesday at $28.78, gaining $0.33, or 1.16 percent. TiVo closed at $9.75, losing $0.12, or 1.24 percent.

American Express (NYSE:AXP) Weighed Down by Durbin, Regulatory Atmosphere

American Express (NYSE:AXP) has been getting more bearish treatment recently, as Durbin and other regulations threaten their earnings.

Canaccord says, "American Express reported consumer spending increased by 15% in Q4/10, pushing the credit card company’s revenue 13% higher over the previous year; however, shares dropped on an EPS miss and regulatory concerns. Recurring EPS came in at $0.88, short of the consensus $0.96, but ahead of Q4/09’s $0.60 per share. The company reported improvements in bad loans, with provisions for losses decreasing by 68% from the prior year, and delinquencies, seeing 2.1% of accounts being more than one month behind as opposed to 3.7% last year. Write-offs decreased to 4.4% from Q4 from 5.2% in Q3 and 7.5% in Q4/09. Concerns surrounding the 'Durbin amendment' also weighed heavy on investors’ minds. The amendment proposes that fees charged to retailers for debit transactions are reduced; and while American Express does not offer debit cards, there are concerns that merchants may direct customers to use their debit cards as opposed to their credit cards. Credit Suisse held their bearish stance on the company, reiterating that it believes American Express will experience pressure on its discount rate in the more adverse regulatory environment. The brokerage notes that the credit card company has the highest discount rate among the four major card networks, something which is likely to garner additional attention in the next 12-18 months as the 'Durbin amendment” comes into play.'

American Express closed Wednesday at $44.46, losing $0.34, or 0.76 percent.

Omeros' (NASDAQ:OMER) OMS103HP Could Expand Uses if Phase 3 PharmacoSurgery Data Positive

Talking to an expert in the field, Canaccord said if Omeros' (NASDAQ:OMER) Phase 3 PharmacoSurgery program is positive, OMS103HP could have expanded uses.

Canaccord says, "We recently hosted a call with a Dr. William Garrett, a leading orthopaedic surgeon, for an in-depth discussion of Omeros’s Phase 3 PharmacoSurgery program, with a focus on OMS103HP; we expect Phase 3 data in Q1/11. While the initial indication is arthroscopic anterior cruciate ligament (ACL) and meniscectomy, our expert believes that if positive, OMS103HP could enjoy use in other arthroscopic and other surgeries where pain and inflammation are issues."

Canaccord Genuity maintains a "Buy" rating on Omeros Corp. (OMER), which closed at $7.02, down $0.01, or 0.14 percent. Canaccord has a price target of $13 on Omeros.