Analyst upgrades, downgrades and initiations

Analyst upgrades:

Jefferies upgraded shares of Ensco International (NYSE: ESV) to Buy from Hold on valuation as they find the company's long-term EPS growth and potential upside from the GOM/Mexico jack-up market compelling.
Friedman Billings upgraded Juniper (NASDAQ: JNPR) to Outperform from Market Perform following the better-than-expected Q2 report. The firm raised Juniper's target to $29 from $27.
Friedman Billings upgraded shares of Southwestern Energy (NYSE: SWN) to Outperform from Market Perform on valuation following the recent weakness. Southwestern's target was raised to $43 from $40.
Chipotle Mexican Grill (NYSE: CMG) was upgraded to Neutral from Underperform at Merrill.
Merrill also upgraded Delta (NYSE: DAL) to Buy from Neutral.

Analyst downgrades:

Baird downgraded Crocs (NASDAQ: CROX) to Neutral from Outperform following the company's weak Q2 report and guidance.
Merriman cut Nautilus Group (NYSE: NLS) to Sell from Neutral to reflect the company's dependence on the consumer home fitness market at a time when consumer spending trends are weakening. The firm believes shares are overvalued and could potentially decline to the $4.00-$4.50 level.
E.W. Scripps (NYSE: SSP) was downgraded at JP Morgan to Neutral from Overweight.
HSBC lowered Daimler AG (NYSE: DAI) to Neutral from Overweight.
Epicor Software (NASDAQ: EPIC) was downgraded to Hold from Buy at KeyBanc.

Analyst initiations:

Societe Generale believes IBM (NYSE: IBM) will no longer benefit from U.S. dollar weakness and strategic acquisitions will be harder to find. Shares were initiated with a Sell rating and $80 target.
Piper initiated Medtronic (NYSE: MDT) and Boston Scientific (NYSE: BSX) with Buy ratings and targets of $61 and $16, respectively.
Goldman initiated Disney (NYSE: DIS) with a Buy rating and $35 target and News Corp (NYSE: NWS) with a Neutral rating.