Analyst upgrades, downgrades and initiations: AA, GLW, HAL, NKE, SLM ...

Analyst Downgrades

• Jefferies downgraded Edison International (NYSE: EIX) to Hold from Buy based on valuation.
• Canaccord downgraded First Solar (NASDAQ: FSLR) to Hold from Buy and kept a $180 target on the stock. The firm said management laid out ambitious targets at yesterday's analyst day but provided little visibility into further positive catalysts.
• Susquehanna downgraded Nike (NYSE: NKE) to Neutral from Positive following the company's weak guidance.
• American Reprographics (NYSE: ARP) was downgraded to Neutral from Outperform at Credit Suisse.
• Halliburton (NYSE: HAL) was downgraded to Neutral from Conviction Buy at Goldman.
• Babcock & Brown (NYSE: FLY) was cut to Hold from Buy at Argus.

Analyst Initiations

• Citigroup is positive on Alcoa's (NYSE: AA) valuation and expects shares to benefit from a manufacturing and auto recovery. Shares were started with a Buy rating and $14 target.
• Morgan Keegan is positive on Corning's (NYSE: GLW) restructuring initiatives, improved operating leverage, and robust demand. The firm initiated shares with an Outperform rating.
• Roth Capital initiated Santarus (NASDAQ: SNTS) with a Buy rating and $6 target believes the stock is undervalued. The firm said its Zegerid Rx franchise is worth $3.50/share alone, that the OTC Zegerid is worth another $1/share, and that the GI pipeline may provide $1/share upside.
• Watsco (NYSE: WSO) was started at JPMorgan with an Overweight rating and $56 target.
• CommScope (NYSE: CTV) was initiated with a Buy rating and $32 target at Piper Jaffray.
• Teekay LNG (NYSE: TGP) was initiated with an Equal Weight rating and $21 target at Morgan Stanley.