Analyst upgrades, downgrades and initiations: MS, JCG, BKC, LVLT, NWS ...

Analyst upgrades:

Keefe Bruyette upgraded Morgan Stanley (NYSE: MS) to Outperform from market Perform after transferring coverage to a new analyst. The firm expects Morgan to benefit from the pending joint venture with Smith Barney and improvements in its operating environment.
FBR Capital upgraded Winn-Dixie (NASDAQ: WINN) to Outperform from Market Perform as it believes the company is executing well and shares are cheap at current levels. The firm keeps a $16.50 target on the stock.
Baird believes Polaris's (NYSE: PII) consensus expectations and valuation are too low and that the company will expand beyond powersports. The firm upgraded shares to Outperform from Neutral and raised their target to $37 from $32.
J. Crew (NYSE: JCG) was upgraded to Neutral from Sell at Goldman.
Lexmark (NYSE: LXK) was upgraded to Equal Weight from Underweight at Barclays.
Global Hunter upgraded Big Lots (NYSE: BIG) to Buy from Neutral.

Analyst downgrades:

Citigroup downgraded Burger King (NYSE: BKC) to Hold from Buy after channel checks indicated the company's SSS are moderating. The firm lowered its estimates and cut its target price on shares to $18 from $22.
UBS downgraded Level 3 (NASDAQ: LVLT) to Sell from Neutral due to the weak growth outlook, valuation, and balance sheet risk.
TD Newcrest downgraded Canadian Imperial Bank (NYSE: CM) to Hold from Buy due to the uncertain near-term outlook.
Sealed Air (NYSE: SEE) was cut to Sell from Neutral at Goldman.
Talisman (NYSE: TLM) was lowered to Sector Performer from Sector Outperformer at CIBC.

Analyst initations:

Oppenheimer initiated Athenahealth (NASDAQ: ATHN) with a Perform rating and $32 target. The firm recommends waiting for a more attractive entry point into Athenahealth shares.
Roth Capital is concerned that handset and IC ASPs will fall as growth in 3G occurs at the low-end, impacting margins. The firm started shares of Qualcomm (NASDAQ: QCOM) with a Hold rating and $44 target.
Wunderlich expects News Corp's (NASDAQ: NWS) cable programming and film segments to drive growth. Shares were initiated with a Buy rating and $11.50 target.
Kimco Realty (NYSE: KIM) coverage was resumed with a Hold rating and $10 target at Deutsche Bank.
Inspire Pharma (NASDAQ: ISPH) was assumed with a Buy rating and $7 target at Piper Jaffray.
Starent Networks (NASDAQ: STAR) was initiated with a Buy rating and $25 target at Banc of America/Merrill.