Analyst upgrades, downgrades and initiations: PEP, AXP, RTP, WSM, RIMM, HPQ ...

Analyst upgrades:

JMP Securities upgraded CB Richard Ellis (NYSE: CBG) to Outperform from Market Perform. The analyst believes the new Public-Private Investment Program will create liquidity, which will result in some degree of activity. Shares were also upgraded at JP Morgan to Overweight from Neutral.
Thomas Weisel upgraded Linear Tech (NASDAQ: LLTC) to Overweight from Market Weight due to stabilizing business and favorable end market exposure.
UBS upgraded PepsiCo (NYSE: PEP) to Buy from Neutral and raised its target to $60 from $57 due to moderating input costs, earnings and investment flexibility, improving U.S. beverage business, and leverage from its market share in food.
Tibco (NASDAQ: TIBX) was raised to Buy from Neutral at Goldman.
Philips Electronics (NYSE: PHG) was upgraded at ING Group to Buy from Hold.
Hospira (NYSE: HSP) was upgraded to Outperform from Market Perform at Leerink.

Analyst downgrades:

Keefe Bruyette downgraded shares of UBS (NYSE: UBS) to Underperform from Market Perform on expectations of continued outflows in the company's wealth management business as well as further write-downs on its exposure to bond insurers.
JP Morgan cut American Express (NYSE: AXP) with an Underweight from Overweight. The firm said the U.S. consumer will continue to delever and decrease discretionary spending until unemployment and the housing market stabilizes. Additionally, it believes AXP will face continued declines in billed business and increased charge-offs well into 2010.
Friedman Billings downgraded Silicon Laboratories (NASDAQ: SLAB) to Market Perform from Outperform on valuation following the recent run-up but raised their price target on the stock to $30 from $28.50.
Nuance (NASDAQ: NUAN) was lowered to Neutral from Buy at Goldman.
Rio Tinto (NYSE: RTP) was downgraded to Sell from Hold at Royal Bank of Scotland.
Williams-Sonoma (NYSE: WSM) was downgraded at Barclays to Underweight from Equal Weight.

Analyst initiations:

Kaufman Bros. is concerned about margin compression and wants to see stabilization in Research in Motion's (NASDAQ: RIMM) operating margin before getting constructive on the stock. They initiated shares with a Hold rating and $50 target.
Rochdale analyst Dick Bove started coverage of Goldman Sachs (NYSE: GS) with a Hold rating as he believes some profit taking is "inevitable" following the recent run-up. Bove recommends waiting for a better entry point and set a $123 price target on the stock.
RBC Capital is positive on Hewlett-Packard's (NYSE: HPQ) diverse revenue portfolio, recurring book of business, stronger margin profile, and solid management team. Shares were assumed with an Outperform rating and $39 target.
Aeropostale (NYSE: ARO) was started at Thomas Weisel with a Market Weight rating and $28 target.
Netflix (NASDAQ: NFLX) was initiated with a Market Perform rating at William Blair.
Merriman initiated Micromet (NASDAQ: MITI) with a Buy rating.