Analyst upgrades, downgrades and initiations: INTC, RIMM, BKC, MA, ADBE ...

Analyst upgrades:

Jefferies upgraded Cytec Industries (NYSE: CYT) to Buy from Hold on valuation and believes liquidity concerns are overdone. The firm raised its target on the stock to $27 from $20.
Morgan Stanley upgraded Intel (NASDAQ: INTC) to Overweight from Equal Weight and raised its price target to $19 from $15. Morgan Stanley's survey indicates positive trends in the business supply chain and the analysts expects estimates to move higher from increased server MPU sales and growth in Windows 7.
Pali upgraded Urban Outfitters (NASDAQ: URBN) to Buy from Neutral on valuation and believes the company's tough Q2 compares are already priced into the stock. The firm has a $25 target on shares.
Research in Motion (NASDAQ: RIMM) was upgraded to Conviction Buy from Buy at Goldman.
MasterCard (NYSE: MA) was lifted to Buy from Hold at Deutsche Bank.
Burger King (NYSE: BKC) was raised to Buy from Neutral at Banc of America/Merrill.

Analyst downgrades:

UBS downgraded Adobe (NASDAQ: ADBE) to Neutral from Buy but raised its target to $28 from $25 citing valuation and does not expect top-line numbers to move materially higher following Q2 results in June. Citigroup cut shares to Hold from Buy following the recent rally in the stock.
Credit Suisse downgraded RenaissanceRE (NYSE: RNR) to Neutral from Outperform citing lower investment income and high expectations in Florida.
Oppenheimer downgraded SINA Corp. (NYSE: SINA) to Perform from Outperform. The firm cut the stock on valuation with shares above its $25 price target and believes consensus expectations for the first half of 2009 may be too high.
Goldman cut MasterCard (NYSE: MA) to buy from Conviction Buy.
Integrys Energy (NYSE: TEG) was lowered to Hold from Buy at Soleil.
Harris (NYSE: HRS) was downgraded at JP Morgan to Neutral from Overweight.

Analyst initiations:

Morgan Stanley initiated Teradata (NYSE: TDC) with an Overweight rating and Brocade (BRCD) with an Equal Weight rating.
Allegheny Energy (NYSE: AYE) was assumed with a Buy rating and $42 target at Goldman.

Tags: adbe, bkc, cyt, intc, ma, rimm, rnr, sina, urbn