Analyst upgrades, downgrades and initiations: ICE, AKAM, WFMI, GD, INTU ...

Analyst upgrades:

Goldman upgraded Intercontinental Exchange (NYSE: ICE) to Conviction Buy from Neutral and raised their target to $90 from $60. Goldman cites ICE's positioning and potential for upward EPS revisions for the upgrade.
Jefferies upgraded FMC Technologies (NYSE: FTI) to Buy from Hold as they believe solid deepwater activity levels will lead to solid EPS results in 2009 and 2010. The firm raised their price target to $45 from $27.
Friedman Billings upgraded Devon Energy (NYSE: DVN) to Outperform from Market Perform on valuation and expects significant improvement in basis differentials for the company's Barnett production starting the second half of Q2. The firm raised their price target to $60 from $50.
Elan Corp (NYSE: ELN) was raised to Neutral from Sell at Piper Jaffray.
Banco Santander (NYSE: STD) was upgraded at Keefe Bruyette to Outperform from Market Perform.

Analyst downgrades:

Kaufman Bros. reinstated coverage on Akamai (NASDAQ:AKAM) and downgraded the stock to Sell from Hold as they believe increasing competition and the economy will pressure legacy services in the first of 2009. The firm has a $17.50 target on the stock. Citigroup downgraded shares to Hold from Buy on valuation with the stock near their $22 price target.
Goldman downgraded Navistar (NYSE:NAV) to Neutral from Buy and lowered their target to $26 from $28 citing the likely MRAP All-Terrain Vehicle contract loss. The analyst views Navistar's protest as a positive for Oshkosh (NYSE:OSK), Force Protection (NASDAQ:FRPT), General Dynamics (NYSE:GD), and BAE Systems (Other OTC:BAESY).
Jefferies cut Whole Foods (NASDAQ:WFMI) to Hold from Buy following the recent run-up on valuation, the company's negative comps, and concerns about its ability to lower lease expenses. Despite downgrading, Jefferies raised their price target to $18 from $13.
Dayton Superior (NASDAQ:DSUP) was lowered to Underperform from Perform at Oppenheimer.
CTC Media (NASDAQ:CTCM) was cut to Neutral from Buy at Banc of America/Merrill.

Analyst initiations:

Kaufman Bros. reinstated coverage of TW Telecom (NASDAQ:TWTC) with a Buy rating given the company's industry leading margins and free cash flow generation. The firm set an $11 target on shares.
Oppenheimer believes Ensign Group (NASDAQ:ENSG) is well-positioned given its strategy for turning around underperforming facilities. The firm set an Outperform rating and $22 price target on the stock.
Jefferies believes Ormat Technologies (NYSE:ORA) is positioned to benefit from faster geothermal adoption as long-term macro trends like rising power prices and equipment technology improvements take hold. The firm set a Buy rating and $33 target on the stock.
Suntech (NYSE:STP) was started with a Hold rating and $12 target at Canaccord.
Intuit (NASDAQ:INTU) was assumed with a Neutral rating and $26 target at Goldman.
MICROS Systems (NASDAQ:MCRS) was initiated with a Buy rating at Janney Montgomery.