Analyst upgrades, downgrades and initiations: HD, HBC, GS, MS, BAC, JPM, C ...

Analyst upgrades:

Jefferies upgraded Home Depot (NYSE: HD) to Buy from Hold as they expect significant multiple expansion as earnings revisions start to bottom out and the market starts to factor in a recovery. The firm raised its price target to $24 from $18-$20.
Goldman upgraded HSBC (NYSE: HBC) to Neutral from Sell and removed the stock from their Asia Pacific Sell List given the company's plans to stop making new loans at its U.S. unit.
Deutsche Bank upgraded Ensco International (NYSE: ESV) to Hold from Sell on valuation as it believes weakening shallow water demand is priced into shares at current levels. The firm raised its target price to $32 from $30.
Liberty Global (NASDAQ: LBTYA) was raised to Equal Weight from Underweight at Morgan Stanley.
UnitedHealth (NYSE: UNH) was lifted to Outperform from Market Perform at Bernstein.

Analyst downgrades:

Keefe Bruyette downgraded Goldman Sachs (NYSE: GS) to Market Perform from Outperform following the recent rally in shares as it does not see a catalyst for further multiple expansion. The firm lowered its target price to $101 from $108.
Jefferies cut Energy Conversion (NASDAQ: ENER) to Neutral from Buy on near-term demand visibility concerns after the company lowered its guidance. The firm lowered its target price to $15 from $37. Merriman downgraded shares to Neutral from Buy.
Banc of America/Merrill downgraded Morgan Stanley (NYSE: MS) to Underperform from Buy and lowered its target to $21 from $25 due to recent share outperformance, concerns regarding Real Estate merchant banking losses and MS credit spread tightening.
Patriot Capital (NASDAQ: PCAP) was lowered to Market Perform from Outperform at JMP Securities.
Molson Coors (NYSE: TAP) was cut to Buy from Conviction Buy at Goldman.
Wimm-Bill-Dann (NYSE: WBD) was downgraded at Credit Suisse to Underperform from Neutral.

Analyst initiations:

Baird expects FTI Consulting (NYSE: FCN) to benefit from increased litigation and regulatory oversight from the new administration. Shares were initiated with an Outperform rating and $66 target.
Morgan Joseph initiated Garmin (NASDAQ: GRMN) with a Sell rating and $14 target based on competitive pressures, declining ASP's and the weak auto industry.
Oppenheimer believes that investment banks will benefit from the recovery of credit spreads and investments in distressed debts in the near-term. Thus, the firm initiated Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) with Outperform ratings. Oppenheimer does not think that commercial banking will recover in the short-term, so they initiated Bank of America (NYSE: BAC), JPMorgan (NYSE: JPM) and Citigroup (NYSE: C) with Perform ratings.
Credit Suisse initiated GlaxoSmithKline (NYSE: GSK) with an Outperform rating and AstraZeneca (NYSE: AZN) with an Underperform rating.