Analyst upgrades, downgrades and initiations: VZ, T, GT, RIO, XRX, MA ...

Analyst upgrades:

Citigroup upgraded WebMD (NASDAQ: WBMD) shares to Buy from Hold on valuation following the company's Q4 results and outlook. The firm maintains a $25 target on the stock.
Goldman upgraded Verizon (NYSE: VZ) and AT&T (NYSE: T) to Buy from Neutral based on valuation and expectations for 2010 earnings growth.
Roth upgraded Maxwell Tech (NASDAQ: MXWL) to Buy from Hold following the company's Q4 results to reflect strong ultracapacitor sales growth and gross margin improvement. The firm maintains a $12 target on the stock.
Nara Bancorp (NASDAQ: NARA) was raised to Market Perform from Underperform at Friedman Billings.
Cubic (NYSE: CUB) was upgraded to Neutral from Overweight at JP Morgan.
Terex (NYSE: TEX) was lifted to Outperform from Market Perform at Wachovia.

Analyst downgrades:

Goldman cut Goodyear Tire (NYSE: GT) to Sell from Neutral and believes the company is not through negative earnings revisions given its high fixed cost base.
Deutsche Bank downgraded CoStar Group (NASDAQ: CSGP) to Sell from Hold to reflect the company's declining fundamentals and finds the stock fairly valued at $20. The firm lowered its target price to $20 from $28.
Baird downgraded Washington REIT (NYSE: WRE) to Neutral from Outperform following the weak Q4 report and guidance.
Vale (NYSE: RIO) was cut to Neutral from Overweight at JP Morgan.
Marchex (NASDAQ: MCHX) was downgraded at Thomas Weisel to Market Weight from Overweight.
Xerox (NYSE: XRX) was downgraded to Equal Weight from Overweight at Barclays.

Analyst initiations:

Baird is positive on MasterCard (NYSE: MA) given strong long-term secular card spending growth, international exposure, and defensible position, which offers the potential to raise prices and reduce costs. Shares were initiated with an Outperform rating and $205 target.
Canaccord started Intuitive Surgical (NASDAQ: ISRG) with a Hold rating and $98 target. The firm is cautious on Intuitive Surgical given the "dire capital spending environment."
William Blair is concerned Catalyst Health Solutions (NASDAQ: CHSI) could face a tougher selling season given the current economic environment. The firm assumed coverage with a Market Perform rating.
Harsco (NYSE: HSC) was initiated at Janney Montgomery with a Neutral rating.
Cubist Pharmaceuticals (NASDAQ: CBST) was assumed with an Accumulate rating and $19 target at ThinkEquity.