Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Kate Spade (KATE) initiated with an Outperform at William Blair. 2. Ulta Beauty (ULTA) coverage resumed with a Hold at Stifel. 3. Cognizant (CTSH) initiated with an Overweight at Pacific Crest. 4. Fitbit (FIT) initiated with a Market Perform at Wells Fargo with analyst Stephen Lynch saying the company's 2016 guidance calls for a "meaningful deceleration" of revenue growth, which puts the impetus on product innovation. 5. Liberty SiriusXM (LSXMA) initiated with an Outperform and Sirius XM (SIRI) initiated with a Market Perform at Telsey Advisory. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

Wells Fargo lowered the firm's price target on Ulta Beauty to $350 from $450 and keeps an Underweight rating on the shares. The category is slowing faster than anticipated as the competitive backdrop has become more challenging, the firm says. Margins will likely continue to erode as the need to invest accelerates, Wells adds.

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.

Citi analyst Ryan Potter lowered the firm's price target on Cognizant to $82 from $90 and keeps a Buy rating on the shares. The analyst continues to have a cautious view toward the enterprise IT spending environment into the Q1 reports with the demand environment relatively unchanged from late 2023. This includes continued pressures on discretionary spend and delayed decision-making as macro, geopolitical, and some industry-specific concerns remain, the analyst tells investors in a research note.