Analyst upgrades, downgrades and initiations: T, ADBE, GPS, RIMM, MCD, PFE ...

Analyst upgrades:

Citigroup upgraded Lubrizol (NYSE: LZ) to Buy from Hold on valuation as they believe economic weakness is already priced into the stock. Despite upgrading, Citigroup lowered their target price to $32 from $36.
UBS believes AT&T (NYSE: T) consensus estimates are beatable and that the 7.1% dividend yield is safe. Additionally, the firm said a strike is possible when the unionized wireline employee contract expires on April 4th but expects the company to succeed in lowering healthcare benefits. Shares were upgraded to Buy from Neutral.
Friedman Billings upgraded Adobe (NASDAQ: ADBE) to Market Perform from Underperform as they believe guidance appropriately reset expectations and that the risk/reward is neutral at current levels. The firm lowered their target price to $16 from $17. Shares were also upgraded to Buy from Hold at Jefferies after the Q1 results to reflect better-than-expected cost cuts and an attractive risk/reward at current levels.
Lousiana Pacific (NYSE: LPX) was raised to Sector Outperformer from Sector Performer at CIBC.
OmniVision (NASDAQ: OVTI) was upgraded at Baird to Neutral from Underperform.

Analyst downgrades:

Baird downgraded RSC Holdings (NYSE: RRR) to Neutral from Outperform and lowered their target to $5 from $9 as they believe expectations for a recovery in 2H09 are unrealistic.
Goldman downgraded Cox Radio (NYSE: CXR) to Sell from Neutral and lowered their target to $3 from $7. The firm cites weakening ad revenues for the downgrade.
Morgan Stanley downgraded Gap (NYSE: GPS) to Equal Weight from Overweight citing expectations for reduced margins.
Rio (NYSE: RIO) was cut to Neutral from Buy at Banc of America/Merrill.
Gymboree (NASDAQ: GYMB) was lowered to Neutral from Overweight at JP Morgan.
AU Optronics (NYSE: AUO) was downgraded at Nomura to Reduce from Neutral.

Analyst initiations:

Citigroup initiated Invesco (NYSE: IVZ) with a Hold rating and $11 target. The firm believes the company's assets under management are holding up better than most, but feels a market recovery is needed to see a material improvement in net flows.
Baird initiated Research in Motion (NASDAQ: RIMM) with a Neutral rating and $44 target citing concerns ahead of Q1 guidance given growing gross margin and economic impact uncertainties.
Jefferies believes McDonald's (NYSE: MCD) will have difficulty beating EPS estimates in 2009 given a dwindling margin benefit from its re-franchising activity, commodity cost pressure, and currency headwinds. Shares were assumed with a Hold rating and $57 target.
Pfizer (NYSE: PFE) was reinstated with a Conviction Buy rating and $17 target at Goldman.
Knight Capital (NASDAQ: NITE) was started with an Outperform rating and $20 target at JMP Securities.
Resources Connection (NASDAQ: RECN) was initiated at Banc of America/Merrill with an Underperform rating and $12 target.