Analyst calls: GE, AMZN, AXP, VZ, WFC, RTP ...

• UBS transferred coverage of General Electric (NYSE: GE) with a Neutral from Buy. UBS believes General Electric's credit loss assumptions may prove optimistic and that there is risk of disappointing 2009 earnings guidance at Tuesday's annual outlook meeting.
  
• MasterCard (NYSE: MA) was downgraded to Underperform from Outperform at Cowen. Cowen downgraded Mastercard based on recent data that indicates deteriorating credit and debit purchase volume growth, which will impact growth targets.
  
• Merrill Lynch downgraded Wells Fargo (NYSE: WFC) to Neutral from Buy. Merrill downgraded Wells Fargo citing valuation and the impact on earnings from the macro environment.
  
• BJ's Wholesale (NYSE: BJ) downgraded to Neutral from Overweight at JP Morgan.
  
• Electronic Arts (NASDAQ: ERTS) was downgraded to Hold from Buy at Citigroup.
  
• Paychex (NASDAQ: PAYX) was downgraded to Underperform from Neutral at Cowen.

Analyst initiations:

• Amazon (NASDAQ: AMZN) was initiated with a Hold and a target of $54 at Jefferies. Jefferies prefers to wait on the sidelines due to valuation and a lack of visibility.
  
• Jefferies initiated DuPont (NYSE: DD) with a Buy and a target of $33. Jefferies believes shares should rally before the economy turns and thinks the 7% dividend yield offsets significant risks to earnings.
  
• American Express (NYSE: AXP) was initiated with a Sell at Citigroup. Citigroup sees downside to the stock and consensus estimates due to higher credit losses.
  
• Verizon (NYSE: VZ) was reinitiated with an Outperform at Friedman Billings.
  
• Banc of America initiated Capital One Financial (NYSE: COF) with a Neutral.
  
• Sprint Nextel (NYSE: S) was reinitiated with a Market Perform at Friedman Billings.