Analyst upgrades, downgrades and initiations: AXYS, RDEN, GHL, AOB, BWY ...

Analyst upgrades:

Axys Tech (NASDAQ: AXYS) was upgraded to Buy from Hold at Morgan Joseph based on valuation.
Elizabeth Arden (NASDAQ: RDEN) was upgraded to Buy from Hold at Wedbush on valuation and the success of the company's Viva La Juicy launch.

Analyst downgrades:

Keefe Bruyette downgraded Greenhill & Co. (NYSE: GHL) and Evercore Partners (NYSE: EVR) to Market Perform from Outperform on valuation and lowered its estimates to reflect slower than initially expected M&A advisory transactions. Greenhill's target was lowered to $66 from $72 and Evercore's was cut to $14.50 from $16.
Collins Stewart downgraded shares of Thermage (NASDAQ: THRM) to Hold from Buy following the Reliant acquisition to reflect integration and balance sheet concerns.

Analyst initiations:

Roth Capital views American Oriental (NYSE: AOB) as a cash-rich, multi-faceted pharmaceutical company that is well equipped to handle unforeseen changes in China's Health care market. Shares were initiated with a Buy rating and $10 target.
Jesup & Lamont believes Bristow Group (NYSE: BRS) is well positioned in current downturn as the majority of its business is in production platforms and drilling rigs. The firm started shares with a Buy rating and $37 target.
Barrington initiated BWAY Holding (NYSE: BWY) with an Outperform rating and $9 target. The firm believes the company is an early cycle business that should benefit from cost reduction activity.
Grand Canyon (NASDAQ: LOPE) was assumed with a Buy rating and $21 target at Piper Jaffray.