10:38 am Cogent Communications: Friedman Billings initiates Mkt Perform. Target $21. Friedman Billings initiates CCOI with a Market Perform and a $21 tgt saying although industry bandwidth demand trends remain intact and the company's addressable market opportunity is significant, lower sales force productivity and early signs of changing net-centric customer dynamics appear to be gating factors.

10:37 am Callaway Golf: Stifel Nicolaus initiates Hold. Stifel initiates ELY with a Hold based on higher Callaway prices are difficult proposition in tight discretionary spending market; golf slowdown is lagging broader consumer trends - expect 2Q/3Q proof, and growth trajectory is well-recognized and accounted for by the Street.

10:37 am Corning: RBC Capital Mkts upgrades Sector Perform to Outperform. Target $26 to $30. RBC upgrades GLW to Outperform from Sector Perform and raises their tgt to $30 from $26 saying the demand outlook for Corning's display glass continues to strengthen driven by increased global penetration and the move towards larger screen sizes. With checks indicating lean panel inventories and moderate glass price declines, the firm is raising their CY08 earnings from $1.68 to $1.76 which compares to the street of $1.73.

10:36 am Nara Bancorp: Sterne Agee initiates Sell . Target $8.5. Sterne Agee initiates NARA with a Sell and sets an $8.50 tgt, as they believe current EPS estimates are too high and expect the co to miss estimates.

10:36 am Garmin: Soleil downgrades Buy to Hold. Target $90 to $60. Soleil downgrades GRMN to Hold from Buy and cuts their tgt to $60 from $90 saying they are lowering estimates due to more conservative PND unit volume and ASP assumptions in light of: 1) continued weakness in the U.S. consumer spending environment; 2) what appears to be a more conservative tone from management relative to Q1; and 3) slowing growth for TomTom in Europe.

10:35 am Summer Infant: Lazard Capital initiates Buy. Target $5.5. Lazard initiates SUMR with a Buy and a $5.50 tgt saying they expect strong earnings growth from new retail partners and increased penetration into existing ones, coupled with new products and categories, price increases, and a small yet burgeoning international business. Acquisitions represent upside to their estimates.

10:35 am Intevac: Brean Murray upgrades Hold to Buy. Target $13.5 to $17.5. Brean Murray upgrades IVAC to to Buy from Hold and raises their tgt to $17.50 from $13.50 saying aided by a cyclical upswing in capital spending by its data storage customers and a continued mid-teen CAGR for media shipments, they believe better times lie ahead for Intevac.