Analyst upgrades, downgrades and initiations: MCRS, MU, KFT, CAKE

Analyst upgrades:

Jefferies upgraded MICROS Systems (NASDAQ:MCRS) to Buy from Hold as it believes the company's cost cutting is running ahead of Street expectations. The firm raised its target on shares to $25 from $18.
KeyBanc upgraded Cheesecake Factory (NASDAQ:CAKE) to Buy from Hold. The analyst believes companies will beat EPS estimates given lower commodity costs, focus on cost controls, and reduced drag of inefficient, new restaurants on unit level margins. Additionally, they believe reduced mortgage payments from refinancing will incrementally help traffic.
Keefe Bruyette upgraded First Niagara (NASDAQ:FNFG) to Outperform from Market Perform on valuation following the company's Q1 results. The firm raised its target price to $15.
American Electric Power (NYSE:AEP) was upgraded to Overweight from Neutral at JP Morgan.
Royal Gold (NASDAQ:RGLD) was upgraded to Sector Performer from Sector Underperformer at CIBC and to Neutral from Underperform at Banc of America/Merrill.
Micron (NYSE:MU) was raised to Overweight from Equal Weight at Barclays.

Analyst downgrades:

UBS downgraded Kraft Foods (NYSE:KFT) to Neutral from Buy citing reduced volume growth forecasts due to private label risk and international exposure.
Oppenheimer downgraded Triumph (NYSE:TGI) to Perform from Outperform on expectations earnings could remain depressed given the company's exposure to new equipment. The firm recommends aerospace suppliers with greater aftermarket exposure like BE Aerospace (NASDAQ:BEAV) and Rockwell Collins (NYSE:COL).
William Blair downgraded CME Group (NASDAQ:CME) to Market Perform from Outperform on valuation and a "sluggish" near-term volume outlook.
CNOOC Ltd (NYSE:CEO) was lowered to Neutral from Outperform at Macquarie.
Landstar System (NASDAQ:LSTR) was cut at Baird to Neutral from Outperform.
WebMD (NASDAQ:WBMD) was downgraded at Citigroup to Hold from Buy.

Analyst initiations:

Janney Montgomery expects investors to benefit from WSFS Financial's (NASDAQ:WSFS) growing position in the Delaware Valley. Shares were initiated with a Buy rating and $32 target.
Oppenheimer started DiamondRock Hospitality (NYSE:DRH) and Host Hotels (NYSE:HST) with Perform ratings and $5 targets due to the inability to trade non-core assets in the current environment.
Needham sees limited downside risk with Electro Scientific's (NASDAQ:ESIO) shares trading just above the company's cash position. The firm resumed coverage with a Buy rating and $10 target.
Deckers Outdoor (NASDAQ:DECK) was initiated at Longbow with a Buy rating and $80 target.
Overseas Shipholding (NYSE:OSG) was initiated with an Outperform rating and $30 target at FBR Capital.
Approach Resources (NASDAQ:AREX) was assumed with an Outperform rating and $12 target at Rodman & Renshaw.