Analyst upgrades, downgrades and initiations: ALU, AMED, BIIB, CP, NZ, TWX ...

Analyst upgrades:

Natixis expects Alcatel-Lucent's (NYSE: ALU) results to improve in 2H09, driven by the CDMA segment and completion of Lucent integration. Shares were upgraded to Buy from Reduce.
RBC Capital upgraded Canadian Pacific (NYSE: CP) to Outperform from Sector Perform and raised its target to $67 from $49. The firm expects a return to "normalized" operating environment driven by Potash and MetCoal.
Credit Suisse upgraded Affiliated Managers Group (NYSE: AMG) to Outperform from Neutral and raised its target to $69 from $64. The firm cites valuation, potential upside from 2H09 deals, and expectations for positive 2H09 flows for the upgrade.
Kennametal (NYSE: KMT) coverage was assumed with a Neutral from Underweight at JPMorgan.
Cardinal Financial (NASDAQ: CFNL) was upgraded to Outperform from Neutral at Baird.
General Maritime (NYSE: GMR) was upgraded to Outperform from Market Perform at FBR Capital.

Analyst downgrades:

Canaccord downgraded Netezza (NYSE: NZ) to Hold from Buy citing valuation and risk to the October quarter. The firm has a $9 target on the stock.
UBS downgraded Amedisys (NASDAQ: AMED) to Neutral from Buy on valuation. The firm has a $46 target on the stock.
American Woodmark (NASDAQ: AMWD) was downgraded to Underperform from Neutral at Baird.
On Track Innovations (NASDAQ: OTIV) was downgraded to Hold from Buy at Feltl.

Analyst initiations:

Time Warner (NYSE: TWX) was initiated with an Outperform rating at Wells Fargo.
Time Warner Cable (NYSE: TWC) was started at JPMorgan with an Overweight rating and $45 target.
Citigroup initiated Fiserv (NASDAQ: FISV) with a Buy rating and $57 target. Citigroup believes that Fiserv could grow its EPS in the low to mid teen percentage level over the long-term, leading to "commensurate stock performance.
Biogen Idec (NASDAQ: BIIB) was initiated with a Market Perform rating at William Blair.
HealthSouth (NYSE: HLS) was initiated with an Outperform rating and $20 target at Baird.