Today's noteworthy initiations include: Anika Therapeutics (ANIK) initiated with an Outperform at Barrington... Barnes & Noble (BKS) initiated with a Buy at Gabelli... Etsy (ETSY) initiated with a Sell at Monness Crespi... GTT Communications (GTT) initiated with an Outperform at Cowen... Harris (HRS) initiated with an Outperform at RBC Capital... Kaiser Aluminum (KALU) initiated with a Hold at Deutsche Bank... Nabriva Therapeutics (NBRV) initiated with a Buy at Needham... Pentair (PNR) reinstated with a Neutral at Goldman... Polaris Industries (PII) initiated with a Buy at Northcoast... Ralph Lauren (RL) initiated with an Outperform at Telsey Advisory... Regenxbio (RGNX) initiated with a Buy at BofA/Merrill... Rice Energy (RICE) initiated with a Buy at Topeka.

BTIG notes that seven Medicare Administrative Contractors, or MACs - CGS, WPS, NGS, Palmetto, Novitas, First Coast, and Noridian - this morning published new proposed local coverage determinations, or LCDs, regarding the coverage of skin substitutes grafts and cellular and tissue based products for the treatment of diabetic foot ulcers, or DFUs, and venous leg ulcers, or VLUs. This marks "the second attempt in the past 12 months where MACs have proposed an LCD that would drastically shake up the advanced wound care market," says the analyst, who highlights that the proposed LCD includes non-coverage products from Integra Lifesciences (IART), Organogenesis (ORGO), Smith & Nephew (SNN), MiMedx (MDXG), Anika Therapeutics (ANIK) and numerous smaller, private wound care companies. The firm adds that it thinks Integra and Organogenesis both have meaningful exposure to the LCDs based on their product portfolio and the revenue mix within their Advanced Wound Care businesses.

The company said, "Kaiser remains well positioned in the current demand environment as a key supplier in diverse end markets with multi-year contracts with strategic partners. The Company expects demand will improve across the majority of its end markets throughout 2024. In aerospace/high strength applications, a more cautious outlook is warranted on expected build rates for domestic large commercial jet production in the near-term resulting in anticipated flat conversion revenue in 2024 following a strong 2023. The long-term demand outlook for these platforms remains unchanged. The Company believes demand for other aerospace/high strength applications remains strong. Now that destocking is complete, the Company expects the rest of its end markets to perform consistent with the prior outlook. As a result, the Company continues to expect conversion revenue for the full year 2024 to improve 2% - 3% and adjusted EBITDA margins to improve 70 - 170 basis points over 2023 as it implements cost reduction measures in operations, increases manufacturing efficiencies and pursues its strategic growth initiatives."

RBC Capital analyst Deane Dray raised the firm's price target on Pentair to $103 from $101 and keeps an Outperform rating on the shares. The company's earnings quality was good, and the firm still expects upside in Pool business this year, the analyst tells investors in a research note. RBC further notes that the Pool channel inventory has reset, and Pentair is building inventory ahead of what it expects will be a solid 2Q24 pool-opening season.

RBC Capital lowered the firm's price target on Polaris to $97 from $103 and keeps a Sector Perform rating on the shares. The company's Q1 results were "in-line to ahead" of estimates and the management affirmed its guidance, but while Polaris believes the company's inventory is largely healthy relative to the overall industry, dealers view their general inventory as being too high given the weaker retailing environment and higher/rising floorplan financing costs, the analyst tells investors in a research note.

Baird lowered the firm's price target on Polaris to $100 from $110 and keeps an Outperform rating on the shares. The firm said they beat expectations and reiterated guidance, but shares fell 2% on persistent inventory concerns. Baird believes the stock seems washed out or close to it, but investors need to be convinced "the last cut" to guidance is in place before buying into the 2026 plan.

Citi analyst James Hardiman lowered the firm's price target on Polaris to $96 from $100 and keeps a Neutral rating on the shares. The Q1 upside appears to be a function of expense timing if the reiterated guidance is any indication, the analyst tells investors in a research note. Citi continues to see risk to the remainder of the year, but sees limited downside to shares from here, with its base case implying modest upside over the next twelve months. It believes elevated promotions continue to weigh on the leisure industry.