Analyst upgrades, downgrades and initiations: AMZN, FDX, MRO, NOK, SUN ...

Analyst Upgrades

Wachovia upgraded Choice Hotels (NYSE: CHH) to Outperform from Market Perform based on its high margin franchise, valuation, and brand acquisition opportunities, among other reasons.
Canaccord upgraded Freeport McMoRan (NYSE: FCX) to Buy from Speculative Buy based on asset and management quality, size, and liquidity, and view as a potential hedge against inflation and U.S. dollar weakness.
Cowen upgraded Amazon.com (NASDAQ: AMZN) to Outperform from Neutral. The firm expects Amazon to gain more of the consumer wallet as it focuses on lower prices and a superior shopping experience vs. online and offline competitors.
Ctrip.com (NASDAQ: CTRP) was upgraded to Buy from Neutral at Nomura.
FedEx (NYSE: FDX) was upgraded to Overweight from Equal Weight at Barclays.
Marathon Oil (NYSE: MRO) was upgraded to Neutral from Sell at Goldman.

Analyst Downgrades

Keefe Bruyette downgraded First Advantage (NASDAQ: FADV) to Market Perform from Outperform after First American (NYSE: FAF) offered to acquire the company. The firm has a $16 target on the stock.
Barclays downgraded Constellation Energy (NYSE: CEP) to Underweight from Equal Weight and lowered its target to $2.50 from $4 following the company's announcement of suspended distributions.
Citigroup downgraded Southern Company (NYSE: SO) to Hold from Buy. The firm cites valuation following the recent rally and concerns regarding the company's ability to raise rates in a recession. Citi keeps a $31.50 price target on the stock.
Kaydon (NYSE: KDN) was downgraded to Market Perform from Outperform at Barrington.
Sunoco (NYSE: SUN) and Tesoro (NYSE: TSO) were downgraded to Sell from Neutral at Goldman.

Analyst Initiations

Merriman believes Repligen's (NASDAQ: RGEN) lead product RG1068 has strong potential utility in combination with MRI to improve the identification of structural abnormalities of the pancreas. Shares were initiated with a Buy rating.
BMO Capital started Nokia (NYSE: NOK) with an Underperform rating and $11 target and believes the consensus is too high and that the company does not have a "compelling product cycle."
RBC Capital believes Intrepid Potash (NYSE: IPI) is attractively valued at current levels and well positioned to benefit from positive agricultural fundamentals. The firm assumed coverage with an Outperform rating and $36 target.
PG&E (NYSE: PCG) was initiated with an Outperform rating and $45 target at Oppenheimer.
GSI Commerce (NASDAQ: GSIC) was initiated with a Buy rating and $18 target at Kaufman Bros.
Intuit (NASDAQ: INTU) was initiated with a Buy rating and $34 target at Janney Montgomery.