Analyst upgrades, downgrades and initiations: ANN, BBY, CBS, CL, MRVL, NOK, Q ...

Analyst upgrades:

FBR Capital upgraded Ann Taylor (NYSE: ANN) to Outperform from Market Perform to reflect a recovery in the missy sector and the company's product improvement. The firm raised its target on shares to $19 from $13.
Roth Capital upgraded Marvell Tech (NASDAQ: MRVL) to Buy from Hold based on product cycle strength in wireless and Ethernet, HDD share gains, and a return of PC growth. Target is $22.
Goldman upgraded Colgate (NYSE: CL) to Buy from Neutral citing valuation and expectations for a pick-up in unit growth. The firm raised its price target to $85 from $83. Note that Goldman downgraded Clorox to Neutral from Buy.
Cadbury (NYSE: CBY) was upgraded to Neutral from Underweight at HSBC.
Garmin (NASDAQ: GRMN) was upgraded to Buy from Underperform at BofA/Merrill.
Qwest (NYSE: Q) was upgraded to Market Weight from Underweight at Thomas Weisel.

Analyst downgrades:

Goldman downgraded Clorox (NYSE: CLX) to Neutral from Buy citing relative valuation, limited exposure to emerging markets, and higher resin prices. The firm cut its price target to $66 from $65. Note that Goldman upgraded Colgate to Buy from Neutral.
Oppenheimer downgraded Best Buy (NYSE: BBY) to Perform from Outperform on valuation and believes the company's Q2 results next week are unlikely to be a positive catalyst. The firm has a $44 target on the stock.
Cowen downgraded News Corp. (NASDAQ: NWS) and CBS (NYSE: CBS) to Underperform from Neutral citing full valuation and a negative outlook for an advertising recovery.
Nokia (NYSE: NOK) was downgraded to Neutral from Outperform at RW Baird.
Electronic Arts (NASDAQ: ERTS) was downgraded to Neutral from Buy at BofA/Merrill.
RealNetworks (NASDAQ: RNWK) was downgraded to Underweight from Neutral at JPMorgan.

Analyst initiations:

FBR Capital believes Vocus (NASDAQ: VOCS) has a dominant competitive position in the public relations automation market and finds the stock attractively valued at current levels. Shares were started with an Outperform rating and $22 target.
FBR also initiated Concur Tech (NASDAQ: CNQR) with an Outperform rating and $44 target. FBR believes Concur is the dominant player in the travel and expense management software business.
Roth Capital initiated Gardner Denver (NYSE: GDI) with a Buy rating and $40 target. Roth believes the company is poised to increase its margins significantly.
Lloyds Banking (NYSE: LYG) was initiated with a Buy rating at Societe Generale.
EMC Corp. (NYSE: EMC) was initiated with a Perform rating at Oppenheimer.
Rent-A-Center (NASDAQ: RCII) was initiated with a Market Perform rating at Raymond James.