Analyst upgrades, downgrades and initiations: SONS, HBC, BKS, VIA, GG, K ...

Analyst upgrades:

Jefferies upgraded Sonus Networks (NASDAQ: SONS) to Buy from Hold on valuation as they find the risk/reward compelling at current levels. Jefferies has a $2 target on the stock.
Dresdner upgraded HSBC (NYSE: HBC) to Buy from hold on valuation as they believe the dividend cut is fully priced in at current levels.
JP Morgan upgraded Barnes & Noble (NYSE: BKS) to Neutral from Underweight on valuation as they recommend short positions take profits at current levels.
Kellogg (K) was raised to Buy from Neutral at UBS.
RPM, Inc (NYSE: RPM) and Valspar (NYSE: VAL) were upgraded at KeyBanc to Buy from Hold.
Omnicare (NYSE: OCR) was upgraded to Overweight from Equal Weight at Barclays.

Analyst downgrades:

Jefferies downgraded Dune Energy (AXE: DNE) to Underperform from Hold to reflect weak commodity prices and the company's reduced financial flexibility. The firm lowered its target price to 10c from 30c.
Baird downgraded NeuStar (NYSE: NSR) to Neutral from Outperform and lowered their target to $20 from $22 based on 2009 revenue concerns and the CFO's departure.
UBS cut Viacom (NYSE: VIA) to Neutral from Buy and lowered its target to $18 from $27. The firm believes advertising declines will be worst than expected and that Film expectations are too high.
Goldcorp (NYSE: GG) was lowered to Neutral from Overweight at JP Morgan.
Kindred Healthcare (NYSE: KND) and Tenet Healthcare (THC) were downgraded at Barclays to Equal Weight from Overweight.
Cynosure (NASDAQ: CYNO) was downgraded to Hold from Buy at Citigroup.

Analyst initiations:

Keefe Bruyette believes Blackstone's (NYSE: BX) operating results and cash flow generation are likely to remain depressed well into 2009 given the weakening economy. The firm started shares with a Market Perform rating and $6 target.
Oppenheimer views Brinks (NYSE: BCO) as a pure-play secure logistics company and feels it is well positioned to take advantage of a recent decline in acquisition prices. The firm has an Outperform rating and $32 target on the stock.
Kellogg (NYSE: K) was initiated with a Buy rating and $52 target at Janney Montgomery.
Avery Dennison (NYSE: AVY) was started at Barclays with an Equal Weight rating.
Medco Health (NYSE: MHS) was initiated with a Market Perform rating and $59 target at Bernstein.