Endeavor Acquisition Corporation (EDA) gained its first analyst coverage which not surprisingly was a buy rating. Lazard picked up EDA with Buy rating and a $13 target price. I haven’t seen the report but apparently it talks about EDA as a play on the growth of American Apparel. One of my reasons for entering the shares was that American Apparel would attract Street sponsorship. Brokers have to jump through a lot of hoops before recommending stocks and I am a little surprised that Lazard acted so quickly. But I think this is just the beginning for analyst coverage and analysts don’t pick up stocks unless they have buy ratings. EDA popped 8% yesterday to close at $9.94. Until I have reason to doubt the numbers in EDA’s filing about the deal, I think the shares can be legitimately valued anywhere from $10 to $18. And in case you missed it, we have company in EDA as SAC Capital Advisors has taken an 8.7% stake. A giant hedge fund like SAC taking a substantial long position should help attract analysts as well — after all, SAC will want to trade around and eventually sell their position.