Analyst upgrades, downgrades and initiations: PVH, CBS, LDK, BIDU, DE ...

Analyst upgrades:

Citigroup upgraded Phillips-Van Heusen (NYSE: PVH) to Buy from Hold following the company's Q1 results as it believes management is executing well in the current environment and that the company could meet the high end of guidance. The firm raised its price target to $24 from $19.
Friedman Billings upgraded Cliffs Natural (NYSE: CLF) to Outperform from Market Perform as it believes capacity utilization has stabilized and CLF's valuation is attractive at current levels. The firm raised its price target to $27 from $23.
Thomas Weisel believes demand at Microchip's industrial (NASDAQ: MCHP) customers has troughed and that market share loss concerns are unwarranted. The firm upgraded shares to Overweight from Market Weight and raised its target to $27 from $19.
CBS Corp (NYSE: CBS) was upgraded to Neutral from Sell at Goldman.
U-Store It Trust (NYSE: YSI) was raised to Outperform from Neutral at Baird.
Ener1 (NASDAQ: HEV) was lifted at Banc of America/Merrill to Buy from Neutral.

Analyst downgrades:

Oppenheimer downgraded Penford Corp (NASDAQ: PENX) to Perform from Outperform to reflect challenging operating conditions in the company's Industrial Ingredients segment.
Friedman Billings cut Walter Industries (NYSE: WLT) to Market Perform from Outperform on valuation as it sees a more balanced risk/reward following the recent rally. Despite downgrading, the firm raised its price target to $28 from $26.
Hub Group (NASDAQ: HUBG) was downgraded to hold from Buy at BB&T and KeyBanc following the company's Q1 pre-announcement.
LDK Solar (NYSE: LDK) was downgraded to Equal Weight from Overweight at Morgan Stanley.
SunTrust lowered Range Resources (NYSE: RRC) to Neutral from Buy.
Anglogold (NYSE: AU) was downgraded at Credit Suisse to Underperform from Outperform.

Analyst initiations:

Deutsche Bank expects continued growth in the search market and for Baidu (NASDAQ: BIDU) to continue dominating online search. The firm started shares with a Buy rating and $211 price target.
Jefferies views Deere (NYSE: DE) as the premium farm equipment play and finds the stock attractively valued at current levels. The firm initiated the stock with a Buy rating and $45 price target.
Baird initiated Wintrust Financial (NASDAQ: WTFC) with an Underperform rating and $10 target and said Wintrust lacks sufficient profitability to internally support its growth model.
CGG Veritas (NYSE: CGV) was assumed with an Overweight rating at JP Morgan.
Rubicon Mineral (AMEX: RBY) was started at Thomas Weisel with an Overweight rating and $2.25 target.
Scripps Networks (NYSE: SNI) was initiated with a Market Perform rating and $25 target at Bernstein.