Analyst upgrades, downgrades and initiations: ANF, FDX, IBM, RBS, SNDK, T

Analyst upgrades

Baird upgraded Con-Way (NYSE: CNW) and Old Dominion (NASDAQ: ODFL) to Outperform from Neutral due to the benefits of a likely bankruptcy of YRC Worldwide (NASDAQ: YRCW). Old Dominion's target was raised to $40 from $26 and Con-Way's was raised to $42 from $22.
Citigroup upgraded Pride International (NYSE: PDE) to Hold from Sell as it believes higher valuation levels are warranted with the upcoming spin-off of Seahawk Drilling. Citi raised its target on shares to $25 from $18.
Jesup & Lamont upgraded FedEx (NYSE: FDX) to Buy from Hold with a $63 target as it believes the worst is largely behind the company.
Hewitt Associates (NYSE: HEW) was upgraded to Neutral from Underweight at JPMorgan.
ArvinMeritor (NYSE: ARM) was upgraded to Buy from Neutral at Goldman.
Abercrombie & Fitch (NYSE: ANF) was upgraded to Buy from Neutral at SunTrust.

Analyst downgrades

Baird downgraded Harman International (NYSE: HAR) to Underperform from Neutral and lowered its target to $15 from $19 based on revenue growth concerns, valuation, and the timing/size of cost cutting efforts.
Oppenheimer downgraded The9 (NASDAQ: NCTY) to Perform from Outperform on expectations the company will report operating losses for the next few quarters. The firm finds the risk/reward unfavorable at current levels.
Needham downgraded SanDisk (NASDAQ: SNDK) to Underperform from Hold citing early signs of weakness in the NAND sector, which will lead to lower prices.
YRC Worldwide (NASDAQ: YRCW) was downgraded to Underperform from Neutral at Baird.
Royal Bank of Scotland (NYSE: RBS) was downgraded to Underperform from Neutral at Macquarie.
Borg-Warner (NYSE: BWA) was downgraded to Neutral from Buy at Goldman.

Analyst initiations

Cowen believes the growth potential of the "new" IBM (NYSE: IBM) is underappreciated. Shares were initiated with an Outperform rating. Cowen initiated Family Dollar (NYSE: FDO) with an Outperform rating.
Wachovia started Baker Hughes (NYSE: BHI) with a Market Perform rating.
AT&T (NYSE: T) was initiated with a Sell rating and $20 target at Pali Capital.
Kimco Realty (NYSE: KIM) was assumed at Baird with a Neutral rating and $11 target.
Covidien (NYSE: COV) was initiated with a Neutral rating and $41 target at Piper Jaffray.