Analyst upgrades, downgrades and initiations: WDC, NSTX, UBS, TIF, BA ...

Analyst upgrades:

Baird upgraded Western Digital (NYSE: WDC) and Seagate (NASDAQ: NSTX) to Outperform from Neutral citing better than expected industry conditions. The firm believes supply has tightened, resulting in price increases in certain market segments.
RBC Capital upgraded XTO Energy (NYSE: XTO) to Outperform from Sector Perform citing free cash flow and stable growth.
Goldman upgraded Manpower (NYSE: MAN) to Neutral from Sell and raised its target to $29 from $20 based on balanced risk/reward.
Energy Conversion (NASDAQ: ENER) was upgraded to Buy from Neutral at Piper Jaffray.
Infineon (NYSE: IFX) was raised to Hold from Sell at RBS.
NetSuite (NYSE: N) was upgraded to Acummulate from Source of Funds at ThinkEquity.

Analyst downgrades:

Deutsche Bank downgraded Compass Minerals (NYSE: CMP) to Hold from Buy following the company's Q4 upside as it believes SOP prices will ease in 2009. Despite downgrading, the firm raised its target price to $65 from $60.
Citigroup downgraded Veeco (NASDAQ: VECO) to Hold from Buy following the company's Q1 results as it believes supply issues in LED and solar may persist for a few quarters. The firm lowered its target price to $7 from $13.
JP Morgan downgraded Haynes (NASDAQ: HAYN) to Neutral from Overweight following the Q1 report and outlook.
Heinz (NYSE: HNZ) was lowered to Neutral from Outperform at Credit Suisse.
UBS AG (NYSE: UBS) was downgraded to Neutral from Buy at WestLB.
Newfield Exploration (NYSE: NFX) was cut to Neutral from Buy at SunTrust.

Analyst initiations:

Jefferies initiated Tiffany (NYSE: NYSE: TIF) with a Hold rating and finds the risk/reward balanced given the highly uncertain outlook for the U.S. and global economies in 2009. The firm has a $21 target on the stock.
Jesup & Lamont initiated Boeing (NYSE: BA) with a Hold rating. The firm believes top-line pressures on the defense budget and resolving penalty issues with customers hit by the 787 delay will present new challenges for Boeing in 2009.
Citigroup started Isis Pharmaceuticals (NASDAQ: ISIS) with a Hold rating. The firm believes that while the company's mipomersen drug targeting the hypercholesterolemia market has blockbuster potential, it faces high clinical and technical pricing hurdles. The firm has a $16 target on shares.
Exelixis (NASDAQ: EXEL) and Allos Therapeutics (NASDAQ: ALTH) were initiated at Canaccord with Hold ratings.