Analyst upgrades, downgrades and initiations: AKAM, MRVL, THRX, DELL, CRNT, TRV, AEIS ...

Analyst upgrades:

Citigroup upgraded shares of Akamai (NASDAQ: AKAM) to Buy from Hold following the company's Q4 results as they believe fundamentals are stabilizing. The firm raised their target price to $22 from $12.
Baird upgraded Theravance (NASDAQ: THRX) to Outperform from Neutral. The firm said the company looks poised to realize the two-product success necessary to drive profitability, and Horizon will likely play a role in succeeding $7B+ Advair. Note that last night Theravance/Glaxo (GSK) reported positive results for Horizon.
RBC Capital said Aeterna Zentaris (NASDAQ: AEZS) is on the cusp of a Cetrorelix deal and has turned more positive on shares. Shares were upgraded to Outperform from Sector Perform.
Marvell Tech (NASDAQ: MRVL) was upgraded to Buy from Neutral at Goldman and added to the firm's Conviction Buy List.
Sangamo BioSciences (NASDAQ: SGMO) was raised to Buy from Neutral at Merriman.
Arthur J. Gallagher (NYSE: AJG) was upgraded at Piper Jaffray to Buy from Neutral.

Analyst downgrades:

Stephens downgraded Ceragon Networks (NASDAQ: CRNT) to Equal Weight from Overweight following CRNT's Q4 results to reflect a demand slowdown and lack of catalysts. The firm lowered their target price to $6 from $8.
JP Morgan cut Dell (NASDAQ: DELL) to Underweight from Neutral on concerns that costs and competition will prevent margins from stabilizing.
Citigroup downgraded shares of Harvest Energy Trust (NYSE: HTE) to Sell from Hold to reflect lower commodity price assumptions as they believe a distribution cut is forthcoming.
Advanced Energy (NASDAQ: AEIS) was lowered to Neutral from Buy at Goldman.
Power Integrations (NASDAQ: POWI) was downgraded at Piper Jaffray to Neutral from Buy.
Novellus (NASDAQ: NVLS) was downgraded to Neutral from Buy at Banc of America/Merrill.

Analyst initiations:

Collins Stewart initiated DTS Inc (NASDAQ: DTSI) with a Sell rating and $10 target as they believe Blu-Ray growth expectations are too high. Additionally, the firm sees further risk to estimates from the company's high-end CE and automotive exposure.
The firm also initiated Petrohawk Energy (NYSE: HK) with a Buy rating and $30 target and is positive on the company's Haynesville exposure.
Leerink initiated XenoPort (NASDAQ: XNPT) with a Market Perform rating. The firm is concerned that clinicians may not perceive the occurrence of augmentation, Solzira's primary benefit, as an important clinical concern.
Travelers Group (NYSE: TRV) was assumed with a Buy rating and $50 target at Soleil.
The firm also started Chubb (NYSE: CB) with a Buy rating and $55 target.