Analyst upgrades, downgrades and initiations: GOOG, AA, FCX, SJM, TWC ...

Analyst upgrades:

Merriman upgraded shares of Google (NASDAQ: GOOG) to Buy from Neutral after its channel checks indicated a modest increase in ad spend per client in March. The upgrade is based on early indications that search pricing and ad spend are stabilizing, search volume continuing to grow at a double-digit rate, and Merriman's belief that consensus estimates are now at reasonable levels.
Deutsche Bank upgraded shares of Alcoa (NYSE: AA) to Hold from Sell and raised its price target to $8 from $7.30 following the company's asset sales in March as it believes the financial overhang on the stock has been removed.
Suntrust said Providence Service (NASDAQ: PRSC) has returned to profitability through demand stabilization for social services and cost controls. Shares were upgraded to Buy from Neutral.
Telmex (NYSE: TMX) was upgraded to Neutral from Undeperform at Credit Suisse.
Deutsche Telekom (NYSE: DT) was raised to Market Perform from Underperform at Bernstein.
Autodesk (NASDAQ: ADSK) was lifted to Neutral from Sell at UBS.

Analyst downgrades:

Deutsche Bank downgraded shares of Freeport McMoRan (NYSE: FCX) to Sell from Hold on valuation following the recent rally and its expectation that copper prices will weaken. Despite downgrading, the firm raised its price target on shares to $30 from $24.
Oppenheimer downgraded Metabasis (NASDAQ: MBRX) to Perform from Outperform on financing concerns and to reflect the protracted timeline of the company's potential partnerships.
Argus downgraded Accenture (NYSE: ACN) to Hold from Buy citing revenue pressure in the company's banking, communications, and energy verticals.
Wolseley (OTC: WOSLY) was cut to Hold from Buy at Citigroup.
Nexen (NYSE: NXY) and Ritchie Bros (NYSE: RBA) were lowered to Market Perform from Outperform at Raymond James.

Analyst initiations:

Oppenheimer is positive on J.M. Smucker's (NYSE: SJM) leading brands and easy peanut butter comps and thinks shares are undervalued at current levels. The firm set an Outperform rating and $44 price target on the stock.
Jefferies believes Guess (NYSE: GES) offers an attractive growth story with a well-diversified business model. Shares were initiated with a Buy rating and $27 target.
Supergen (NASDAQ: SUPG) was assumed with a Buy rating at Merriman. The firm believes the company's products in clinic are promising and that shares have the potential to trade toward a range of $4-$5.
Ultra Petroleum (NYSE: UPL) was initiated at Barclays with an Equal Weight rating.
Conceptus (NASDAQ: CPTS) was initiated with a Hold rating and $13.50 target at Roth Capital.
Time Warner Cable (NYSE: TWC) coverage was resumed with a Market Perform rating at Wachovia.