Analyst upgrades, downgrades and initiations: HOT, MVL, NDAQ, PALM, YUM ...

Analyst Upgrades

Goldman upgraded Yum! Brands (NYSE: YUM) to Buy from Neutral on expectations business in the U.S. and China will improve in the second half of 2009. Goldman raised its target price on shares to $40 from $36.
Canaccord upgraded Exco Resources (NYSE: XCO) to Buy from Speculative Buy citing the company's financial transactions to reduce debt. The firm, which has a $17 target on the stock, says Exco now has a stronger balance sheet, a greater geographic focus, and the ability to expedite drilling programs.
ThinkEquity upgraded Shanda (NASDAQ: SNDA) to Accumulate from Source of Funds and raised its target to $60 from $50. The firm believes recent weakness on regulatory concerns is overdone and that Q2 estimates are conservative.
Mack-Cali Realty (NYSE: CLI) was upgraded to Overweight from Equal Weight at Barclays.
Marvel Entertainment (NYSE: MVL) was upgraded to Overweight from Neutral at JPMorgan.
France Telecom (NYSE: FTE) was upgraded to Outperform from Underperform at Credit Suisse.

Analyst Downgrades

RBC Capital downgraded Myriad Genetics (NASDAQ: MYGN) to Sector Perform from Outperform after the company preannounced lower than expected Q4 results. RBC lowered its target on shares to $35 from $45. Oppenheimer downgraded Myriad to Perform from Outperform.
Citigroup downgraded CardioNet (NASDAQ: BEAT) to Hold from Buy after the company lowered guidance for FY09 and rescinded out-year projections. The firm lowered its target on shares to $18 from $29.
Piper downgraded AtriaCure (NASDAQ: ATRC) to Underweight from its previous Buy rating after changing its rating system. The firm has a $4 target on shares.
Check Point (NASDAQ: CHKP) was downgraded to Neutral from Overweight at JPMorgan.
Pervasive Software (NASDAQ: PVSW) was downgraded to Neutral from Buy at B. Riley.
Starwood Hotels (NYSE: HOT) was downgraded to Underweight from Equal Weight at Barclays.
Westpac Banking (NYSE: WBK) was downgraded to Underperform from Neutral at Credit Suisse.

Analyst Initiations

Kaufman Bros. finds Palm's (NASDAQ: PALM) valuation expensive at current levels and is concerned about the continued operating losses. The firm started shares with a Hold rating and $16 target.
Jefferies initiated Energy Recovery (NASDAQ: ERII) with a Hold rating and $7.60 target and recommends investors wait for a better entry point into shares.
Kaufman Bros. believes Affiliated Computer (NYSE: ACS) could disappoint in FY10. Shares were initiated with a Hold rating and $48 target.
Nasdaq (NASDAQ: NDAQ) was initiated with a Market Perform rating at William Blair.
Kinetic Concepts (NYSE: KCI) was initiated with a Neutral rating at Susquehanna.
Symantec (NASDAQ: SYMC) was initiated with an Outperform rating and $20 target at JMP Securities.