Today's noteworthy initiations include: Alliance Resource Partners (ARLP) initiated with an Outperform at FBR Capital...Ameris Bancorp (ABCB) initiated with an Overweight at Stephens...CNX Coal Resources (CNXC) initiated with an Outperform at FBR Capital...Calpine (CPN) initiated with a Buy at Citi...Chemours (CC) initiated with a Hold at Argus...Cognex (CGNX) initiated with a Buy at Nomura...Conifer Holdings (CNFR) initiated with an Outperform at William Blair...Dominion (D) initiated with a Buy at Citi...Edison International (EIX) initiated with a Buy at Citi...Exelon (EXC) initiated with a Sell at Citi...FirstEnergy (FE) initiated with a Sell at Citi...Foresight Energy (FELP) initiated with a Market Perform at FBR Capital...Freeport McMoRan (FCX) initiated with a Market Perform at FBR Capital...Integrated Device (IDTI) initiated with a Buy at BofA/Merrill...Joy Global (JOY) initiated with an Underperform at FBR Capital...Liberty Media (LMCA) initiated with a Buy at Gabelli...Live Nation (LYV) initiated with a Buy at Gabelli...Matrix Service (MTRX) initiated with a Buy at DA Davidson...PMC-Sierra (PMCS) initiated with an Outperform at Wedbush...Pan American Silver (PAAS) initiated with an Outperform at FBR Capital...Peabody (BTU) initiated with a Market Perform at FBR Capital...Perry Ellis (PERY) initiated with a Buy at Sidoti...Sirius XM (SIRI) initiated with a Buy at Gabelli...Southern Copper (SCCO) initiated with an Outperform at FBR Capital...SunCoke Energy (SXC) initiated with an Outperform at FBR Capital...Teck Resources (TCK) initiated with an Outperform at FBR Capital...Westmoreland (WLB) initiated with an Outperform at FBR Capital.

Citi upgraded Sirius XM (SIRI) to Neutral from Sell with a price target of $3.30, down from $4.10. Over the last few months, the net asset value discount between Liberty SiriusXM (LSXMA) and Sirius XM has narrowed from 40% to 2%. To Citi's surprise, this occurred via a decline in Sirius XM's equity without appreciation in Liberty SiriusXM's value. The firm now finds the risk/reward in both securities as relatively balanced. As such, Citi upgraded Sirius XM from Sell to Neutral and downgraded Liberty SiriusXM from Buy to Neutral.

Pivotal Research upgraded Sirius XM (SIRI) to Buy from Hold with a price target of $4.90, down from $5.05. The magnitude of the decline in Sirius XM's valuation has been surprising, exacerbated by a current lack of institutional ownership and the fact most investors owned parent Liberty Sirius XM (LSXMK) to play the narrowing of the net asset value gap rather than as a way to invest in Sirius, the analyst tells investors in a research note. The firm says this has created an attractive investment opportunity, highlighted by the 55% upside to its new target price. It views Sirius as a free cash flow acceleration story.

BofA raised the firm's price target on FirstEnergy to $35 from $30 and keeps an Underperform rating on the shares. The firm, which is adjusting its 2024 through 2026 EPS estimates to $2.67, $2.86 and $3.00, respectively, still sees the need for further pension de-risking and deleveraging for FirstEnergy's discount to dissipate.