Analyst upgrades, downgrades and initiations: NOK, GOOG, IHG, PETS ...

Analyst upgrades:

UBS upgraded Nokia (NYSE: NOK) to Buy from Neutral as it believes the company's product portfolio is recovering.
Canaccord upgraded Google (NASDAQ: GOOG) to Buy from Hold and raised its target to $450 from $300. The analyst said industry checks indicate deteriorating search conditions have started to improve in late March and notes that the market is already pricing in a weak Q1.
Wachovia upgraded CGI (NYSE: GIB) to Outperform from Market Perform. In addition to valuation, the firm cited the company's defensive profile, comfort with its fiscal 2009 estimates, and its expectation that the company will continue to have strong signings.
Siliconware Precision (NASDAQ: SPIL) was raised to Overweight from Neutral at HSBC.
Matrixx Initiatives (NASDAQ: MTXX) was lifted to Buy from Hold at Roth Capital.

Analyst downgrades:

Credit Suisse downgraded shares of Intercontinental Hotels (NYSE: IHG) to Neutral from Outperform on expectations for RevPAR declines.
KeyBanc downgraded Carlisle (CSL) to Underweight from Hold citing lack of near-term catalysts, weak fundamental outlook, and valuaiton. The firm has a $17 target on the stock.
Deutsche Bank downgraded Yara International (YARIY) shares to Hold from Buy to reflect near-term nitrogen fertilizer demand risk.
Nokia (NYSE: NOK) was cut to Sell from Hold at Societe Generale.
Taiwan Semi (NYSE: TSM) was lowered to Neutral from Overweight at HSBC.
Janus Capital (NYSE: JNS) was downgraded at JP Morgan to Neutral from Overweight.

Analyst initiations:

Kaufman Bros. believes Spss (NASDAQ: SPSS) is well positioned to benefit from the increased need for software that enhances the value of data being created by governments and companies. It set a Buy rating and $30 target on the stock.
Jefferies assumed KBR, Inc (NYSE: KBR) with a Hold rating and wants to see greater clarity on military and energy spending trends before becoming more positive on the stock. The firm set a $16 target on shares.
Auriga believes 2009 consensus estimates for McAfee (NYSE: MFE) are too high and that shares are at risk of multiple contraction. The firm initiated shares with a Sell rating and $28 price target.
Athenahealth (NASDAQ: ATHN) was initiated at Deutsche Bank with a Hold rating and $28 target.
PetMed Express (NASDAQ: PETS) was started with an Outperform rating at William Blair.
Basic Energy (NYSE: BAS) was assumed at UBS with a Neutral rating and $8 target.