Analyst upgrades, downgrades and initiations: PG, MCD, TLB, CL, JTX, HD, IPCM, MYRG and NFLX

Analyst upgrades:

Barclays believes Procter & Gamble's (NYSE: PG) portfolio mix provides better leverage to stabilizing macro trends. The firm upgraded shares to Overweight from Equal weight and raised its target to $60 from $56. Note the firm downgraded Colgate (NYSE: CL) to Equal Weight from Overweight.
Deutsche Bank upgraded McDonald's (NYSE: MCD) to Buy from Hold as it finds the risk/reward on shares compelling at current levels and sees upcoming catalysts from McCafe and easing commodity pressures. The firm raised its target price to $65 from $60.
FBR Capital upgraded Talbots (NYSE: TLB) to Outperform from Market Perform to reflect an attractive risk/reward, reduced risk of a bankruptcy, and merchandise improvements. The firm raised its target price to $4 from $2.
Nokia (NYSE: NOK) was upgraded to Buy from Hold at Deutsche Bank.
Analog Devices (NYSE: ADI) was upgraded to Neutral from Underperform at Baird.

Analyst downgrades:

Barclays downgraded Colgate-Palmolive (NYSE: CL) to Equal Weight from Overweight and lowered their target to $68 from $71 citing relative valuation. Target to $68 from $71. Note that the firm upgraded Procter & Gamble to Overweight from Equal Weight.
Stephens downgraded Jackson Hewitt (NYSE: JTX) to Equal Weight from Overweight on expectations Liberty Tax owner John Hewitt will continue to dispose of his stake.
FBR Capital downgraded Home Depot (NYSE: HD) to Market Perform from Outperform after management said the foreclosure process hurts sales initially, as the firm expects foreclosure rates to accelerate, especially in California. The firm lowered its target price on shares to $25 from $30 and maintains an Outperform rating on competitor Lowe's (NYSE: LOW).
Canadian Natural (NYSE: CNQ) was cut to Hold from Buy at Canaccord.
PPD Inc (NASDAQ: PPDI) was lowered to Market Perform from Outperform at William Blair.

Analyst initiations:

Stephens thinks IPC The Hospitalist Co (NASDAQ: IPCM) can grow EPS in the high-teens to the low-twenties as it continues to add and acquire hospitalists in existing markets. The firm initiated shares with an Overweight rating and $28 target.
Janney Montgomery believes MYR Group (NASDAQ: MYRG) is well positioned to capitalize on the growing demand for alternative energy and improved transmission infrastructure beyond the current fiscal year. The firm started shares with a Buy rating and $22 target.
Wunderlich believes Netflix (NASDAQ: NFLX) will be able to sustain growth in its DVD rental business while capturing incremental growth from video streaming revenue. Shares were assumed with a Buy rating and $48 target.
Heartland Payment (NYSE: HPY) was initiated with a Market Perform rating at Wachovia.
BP PLC (NYSE: BP) was initiated with a Buy rating at Nomura.
WellCare Health (NYSE: WCG) was reinitiated with a Buy rating at Goldman.