Analyst upgrades, downgrades and initiations: BA, FRO, GENZ, JBLU, MS, VARI ...

Analyst upgrades:

FBR Capital upgraded Frontline (NYSE: FRO) to Market Perform from Underperform to reflect the company's above-average day rates and alleviated near-term financing pressures. The firm raised its target on shares to $23 from $14.
Baird upgraded Varian Medical (NASDAQ: VARI) to Outperform from Neutral and said checks at ESTRO meeting indicate European radiation therapy market demand will remain "respectable" in 2010 and that launch of Unique could drive incremental demand in developing markets. The firm has a $49 target on shares.
Goldman believes GameStop (NYSE: GME) Street expectations are beatable and valuation is attractive. The firm upgraded shares to Conviction Buy from Neutral and has a $28 target.
Borg-Warner (NYSE: BWA) was upgraded to Outperform from Market Perform at Wells Fargo.
KKR Financial (NYSE: KFN) was upgraded to Outperform from Market Perform at JMP Securities.
Cathay Pacific (OTC: CPCAY) was upgraded to Outperform from Neutral at Credit Suisse.

Analyst downgrades:

Stephens downgraded FICO (NYSE: FICO) to Underweight from Equal Weight due to valuation and cash flow concerns. The firm has a $15 price target on the stock. Note FICO was formerly named Fair Isaac and traded under the symbol FIC.
Baird downgraded Genzyme (NASDAQ: GENZ) to Neutral from Outperform citing Allston delays following the EMEA's issues with the plant. The firm cut its target to $58 from $64.
BofA/Merrill downgraded Morgan Stanley (NYSE: MS) to Neutral from Outperform. The firm, which cut its target to $32 from $33, cites valuation and lack of catalysts for the downgrade.
Coca-Cola Femsa (NYSE: KOF) was downgraded to Sell from Neutral at UBS.
Boeing (NYSE: BA) was downgraded to Neutral from Outperform at Macquarie.
Shaw Group (NYSE; SHAW) was downgraded to Neutral from Overweight at JPMorgan.

Analyst initiations:

Univest (NASDAQ: UVSP) was initiated with a Market Perform rating and $20 target at Keefe Bruyette.
JetBlue (NASDAQ: JBLU) was assumed with a Buy rating and $8 target at Stifel Nicolaus.
Buckeye Partners (NYSE: BPL) was started at Stifel Nicolaus with a Buy rating and $49 target.
CareFusion (NYSE: CFN) was initiated with an Outperform rating at William Blair.
Encore Energy (NYSE: ENP) was initiated with a Market Perform rating at Wells Fargo.