Analyst upgrades, downgrades and initiations: DUK, ETFC, MOT, MTB, SBUX

Analyst Upgrades

Baird upgraded Starbucks (NASDAQ: SBUX) to Outperform from Neutral based on field research that indicates improving traffic trends and visibility from cost savings initiatives.
FBR Capital upgraded E*Trade (NASDAQ: ETFC) to Outperform from Underperform citing an attractive risk/reward following the company's capital raise and debt exchange commencement. The firm believes the worst is behind the company and has a $2 target on the stock.
Oppenheimer upgraded Sonic (NASDAQ: SONC) to Outperform from Perform on expectations demand trends will improve, leading to more normalized profitability.
Estee Lauder (NYSE: EL) was upgraded to Equal Weight from Underweight at Barclays.
Motorola (NYSE: MOT) was upgraded to Buy from Neutral at BofA/Merrill.
ConAgra (NYSE: CAG) was upgraded to Buy from Neutral at UBS.

Analyst Downgrades

Deutsche Bank downgraded Marvell Technology (NASDAQ: MRVL) to Hold from Buy on valuation following the company's positive preannouncement and keeps a $13 price target on the stock.
Piper Jaffray downgraded Statasys (NASDAQ: SSYS) to Neutral from Buy on valuation and channel checks that indicated Q2 remains challenging.
Argus downgraded Duke Energy (NYSE: DUK) to Hold from Buy citing an unimpressive Q1 earnings performance and continued pressure on power demand.
Bridgepoint Education (NYSE: BPI) was downgraded to Neutral from Outperform at Credit Suisse.

Analyst Initiations

Jefferies believes DigitalGlobe's (NYSE: DGI) image library and constellation of two satellites can drive above-average growth. The firm started shares with a Buy rating and $24 target.
FBR Capital initiated M&T Bank (NYSE: MTB) with an Underperform rating and $35 target. The firm expects continued credit deterioration in 2009 and higher losses for M&T in 2010.
Baird initiated Varian Medical (NYSE: VAR) with a Neutral rating and $41 target, citing risk to FY10 orders and revenues.
North American Energy (NYSE: NOA) coverage was assumed with a Buy rating and $9 target at Jefferies.
Brocade (NASDAQ: BRCD) was initiated with a Buy at ThinkEquity.
Genzyme (NASDAQ: GENZ) was initiated with an Outperform rating and $65 target at RBC Capital.