Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Cree (CREE) initiated with a Sector Weight at Pacific Crest by analyst Daniel Baksht, who said the company should benefit from its exposure to LED lighting, but competition for market share is fierce. 2. Veeco (VECO) initiated with an Overweight at Pacific Crest because analyst Daniel Baksht believes the lighting industry is on the cusp of a positive inflection and has high conviction for a rebound in demand by 2017 for Veeco. 3. Howard Hughes (HHC) initiated with a Buy at Citi by analyst Will Randow, who said the stock is underfollowed, undervalued and not fully understood. He said this creates a compelling investment opportunity. 4. Prothena (PRTA) initiated with an Overweight at Barclays with analyst Geoff Meacham saying that near-term data for the company's hermatology drug should de-risk the program and increase confidence in the probability of success. 5. TESARO (TSRO) initiated with an Outperform at Credit Suisse by analyst Alethia Young, who said shares are attractive in the upcoming niraparib Nova study readout for ovarian cancer in Q2. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.