Analyst upgrades, downgrades and initiations: AMGN, KR, ROSE, SWY, YUM ...

Analyst upgrades:

Citigroup upgraded Brightpoint (NASDAQ: CELL) to Buy from Hold on expectations global handset units will trough in 2009, leading to a higher multiple for the stock. Citi raised its target on shares to $9 from $6.50.
FBR Capital upgraded Rosetta Resources (NASDAQ: ROSE) to Outperform from Market Perform on valuation and believes drilling results in Q3 and Q4 should serve as near-term catalysts. The firm raised its target on shares to $15.
Piper Jaffray upgraded Echelon (NASDAQ: ELON) to Neutral from Underweight following the company's contract announcement with Duke Energy (NYSE: DUK). The firm raised its target on shares to $10 from $6.
Smith & Nephew (NYSE: SNN) was upgraded to Equal Weight from Underweight at Morgan Stanley.
Schawk (NYSE: SGK) was upgraded to Neutral from Underperform at Baird.
Alpha Natural (NYSE: ANR) was upgraded to Outperform from Market Perform at BMO Capital.

Analyst downgrades:

RBC Capital downgraded Petroleum Development (NASDAQ: PETD) to Sector Perform from Outperform and lowered its target to $20 from $25 following the company's 3.75M equity offering.
UBS downgraded Yum! Brands (NYSE: YUM) to Neutral from Buy based on valuation and slowing U.S. sales. The firm has a $38 target on the stock.
Deutsche Bank downgraded Dynegy (NYSE: DYN) to Hold from Buy on concerns the company's asset sale highlights tough conditions in the Midwest power market. The firm keeps a $2 target on shares.
Aegon (NYSE: AEG) was downgraded to Neutral from Outperform at Credit Suisse.
The Bancorp (NASDAQ: TBBK) was downgraded to Neutral from Buy at B. Riley.
Massey Energy (NYSE: MEE) was downgraded to Buy from Conviction Buy at Goldman.

Analyst initiations:

Deutsche Bank is positive on Kroger's (NYSE: KR) positive position given its large scale and finds the valuation attractive at current levels. The firm started shares with a Buy rating and $28 target.
Deutsche Bank also initiated Safeway (NYSE: SWY) with a Buy rating and $23 target. The firm expects Safeway's sales to accelerate as macro conditions stabilize in 2010.
Cantor Fitzgerald predicts that Real Goods Solar (NASDAQ: RSOL) will benefit from increased adoption of solar power systems in California. The firm thinks the company will gain market share and it set a Buy rating and $5 target.
Amgen (NASDAQ: AMGN) was initiated with an Outperform rating and $72 target at RBC Capital.
Regis Corp. (NYSE: RGS) was initiated with a Buy rating and $17 target at BofA/Merrill.
Pentair (NYSE: PNR) was initiated with a Hold rating at KeyBanc.