Analyst upgrades, downgrades and initiations: ANF, CAJ, CTCM, MOV, MV, VMED ...

Analyst upgrades:

Goldman upgraded CTC Media (NASDAQ: CTCM) to Buy from Neutral on a better outlook for European Media names and raised its target on shares to $17.60 from $12.
Morgan Joseph upgraded Movado (NYSE: MOV) to Buy from Hold after the company reported better-than-expected Q2 results. The firm set a $16 target on the stock.
Needham upgraded LTX Credence (NASDAQ: LTXC) to Strong Buy from Hold following the company's Q4 results with a $3 price target.
Canon (NYSE: CAJ) was upgraded to Outperform from Underperform at Macquarie.
Whitney Holding (NASDAQ: WTNY) was upgraded to Buy from Neutral at SunTrust.
Gafisa SA (NYSE: GFA) was upgraded to Overweight from Equal Weight at Morgan Stanley.

Analyst downgrades:

Citigroup downgraded Abercrombie & Fitch (NYSE: ANF) to Sell from Hold on expectations that deteriorating same-store sales will continue and negative earnings revisions are likely. The firm lowered its target on shares to $24 from $33.
Baird downgraded Array Biopharma (NASDAQ: ARRY) to Neutral from Outperform following ARRY-162 failure in the Phase II RA trial. The firm cut its target to $3 from $10.
Baird also downgraded Metavante (NYSE: MV) to Neutral from Outperform citing the merger with Fidelity National Information Services (NYSE: FIS).
Zumiez (NASDAQ: ZUMZ) was downgraded to Hold from Buy at KeyBanc.
Shire (NASDAQ: SHPGY) was downgraded to Hold from Buy at Societe Generale.
Pearson (NYSE: PSO) was cut to Conviction Sell from Neutral at Goldman.

Analyst initiations:

Global Hunter believes Genoptix (NASDAQ: GXDX) is positioned to rapidly grow its diagnostic testing services in the community-based physician market. The firm started shares with a Buy rating and $41 target.
Virgin Media (NASDAQ: VMED) was assumed with an Outperform rating and $15 target at Credit Suisse.
MSC Industrial (NYSE: MSM) was initiated with an Outperform rating at Raymond James.
Thoratec (NASDAQ: THOR) was started at Baird with a Neutral rating and $28 target.
United Bankshares (NASDAQ: UBSI) was initiated with a Hold rating at Stifel Nicolaus.