Analyst upgrades, downgrades and initiations: WL, ORCL, GPS, TRN, ANF, COST, BJ ...

Analyst upgrades:

Oppenheimer upgraded shares of Cree (NASDAQ: CREE) to Outperform from Perform as they believe LEDs are beginning to gain traction in general lighting applications.
Jefferies upgraded Constellation Energy (NYSE: CEG) to Hold from Underperform following the acquisition by MidAmerican Energy. The company's target was increased to $25 from $20.
RBC upgraded the Banking sector to Overweight from Underweight following the governments "massive assault" on the financial crisis. RBC believes government actions that include the potential creation of a Resolution Trust Corporation, the creation of federal insurance for money market fund investors and the ban on short selling will result in higher bank stock prices through year end; Wilmington Trust (NYSE: WL), KeyCorp (NYSE: KEY) and Pacific Capital Bancorp (NASDAQ: PCBC) were upgraded to Sector Perform from Underperform.
Oracle (NASDAQ: ORCL) was raised to Buy from Neutral at Piper.
UBS upgraded Murphy Oil (NYSE: MUR) to Neutral from Sell.
Gap (NYSE: GPS) was upgraded to buy from Neutral at Goldman Sachs.

Analyst downgrades:

Deutsche Bank downgraded shares of Thomson Reuters (NASDAQ: TRIN) to Sell from Buy as they believe uncertainty in the financial sector will hinder growth.
Piper cut MIPS Technologies (NASDAQ: MIPS) to Neutral from Buy as they believe estimates are at risk following the departure of ChipIdea's co-founder. The company's target was lowered to $3.70 from $8.
Jefferies downgraded GSI Commerce (NASDAQ: GSIC) to Hold from Buy on valuation as they view the risk/reward less compelling following the recent rally.
Host Hotels (NYSE: HST) was downgraded at Baird to Neutral from Outperform.
Wachovia downgraded Accenture (NYSE: ACN), Cognizant (NASDAQ: CTSH) and Infosys (NASDAQ: INFY) to Market Perform from Outperform.

Analyst initiations:

Jefferies initiated Abercrombie & Fitch (NYSE: ANF) with an Underperform rating and $38 target and thinks the company's sales and margins are at risk with negative comp trends getting worse.
Cantor believes Lawson Software (NASDAQ: LWSN) has a powerful franchise while the stock trades at a 33% discount to peers. Shares were assumed with a Buy rating and $8 target.
Stanford started Mentor (NYSE: MNT) with a Buy rating and $32 target and thinks the company is poised to benefit from growing global demand for products and services that make people look younger and more attractive.
Scripps Networks (NYSE: SNI) was initiated at UBS with a Neutral rating and $43 target.
BMO Capital initiated Costco (NASDAQ: COST) and BJ's Wholesale (NYSE: BJ) with Market Perform ratings and a $72 target and $42 target, respectively.
Isle of Capri (NASDAQ: ISLE) was initiated at Goldman with a Sell rating and $6 target.