Analyst calls: GS, ITG, HOKU, CME, QSII, TUP, ABFS, PSE, RAX

Analyst upgrades:

Wachovia upgraded shares of The Goldman Sachs Group Inc (NYSE: GS) to Outperform from Market Perform on expectations for greater pricing power given Goldman's position as the largest remaining independent securities firm.
Keefe Bruyette upgraded Investment Technology Group Inc (NYSE: ITG) to Outperform from Market Perform as they believe the company will take market share with the reshaping of the large wire-house brokerage community. The company's target was raised to $37 from $33.
Broadpoint raised Hoku Scientific Inc (NASDAQ: HOKU) to Buy from Neutral as they believe the contract with Tianwei New Energy reduces financing risk.
ACE Ltd (NYSE: ACE) and The Travelers Companies Inc (NYSE: TRV) were upgraded to Buy from Neutral at Goldman.
Axcelis Technologies Inc (NASDAQ: ACLS) was upgraded to Buy from Hold and Evergreen Solar Inc (NASDAQ: ESLR) was lifted to Hold from Sell at Citigroup.

Analyst downgrades:

Keefe Bruyette downgraded shares of CME Group Inc (NASDAQ: CME) to Market Perform from Outperform as they see risks of slower growth ahead given the acceleration in de-leveraging. The firm lowered their target to $325 from $480.
Jefferies cut Quality Systems Inc (NASDAQ: QSII) to Hold from Buy on valuation and higher expenses from the company's proxy battle. The company's target was lowered to $37.50 from $40.
JP Morgan downgraded Tupperware Brands Corporation (NYSE: TUP) to Neutral from Overweight citing risks from international markets.
Big 5 Sporting Goods Corporation (NASDAQ: BGFV) was lowered to Sell from Neutral at UBS.
Sony Corporation (NYSE: SNE) was downgraded at Goldman Sachs to Neutral from Buy.
Continental AG (OTC: CTTAY) was downgraded to Sell from Hold at Societe Generale.

Analyst initiations:

Baird initiated Arkansas Best Corporation (NASDAQ: ABFS) with a Neutral rating and $38 target citing the deteriorating pricing environment and weak 2H08 demand.
Stanford expects Pioneer Southwest Energy Partners LP (NYSE: PSE) to grow at an above-average rate through acquisitions. Shares were assumed with a Buy rating and $20 target.
RBC Capital believes Rackspace Hosting Inc (NYSE: RAX) is gaining market share in the strong growth area of hosting services; the firm started shares with an Outperform rating and $12 target. Jefferies believes long-term investors will benefit from Rackspace's strong growth and high ROICs, and assumed coverage with a Buy rating and $13 target.
Saks Incorporated (NYSE: SKS) was initiated with an Underweight rating at JP Morgan.
Piper started Lions Gate Entertainment Corp (NYSE: LGF) and Regal Entertainment Group (NYSE: RGC) with Buy ratings.
Charles River Laboratories International Inc (NYSE: CRL) was initiated at Wachovia with an Outperform rating.