Analyst upgrades, downgrades and initiations: AA, ETFC, FIATY, MOT, MSFT, POT ...

Analyst upgrades:

Kaufman Bros. upgraded Computer Sciences (NYSE: CSC) and Cognizant (NASDAQ: CTSH) to Buy from Hold on better demand trends as it believes overall enterprise IT spending is turning more positive. The firm raised its target on Computer Sciences to $62 from $54 and on Cognizant to $45 from $42.
Citigroup upgraded E-Trade (NASDAQ: ETFC) to Buy from Hold as it believes loan less trends have improved and the company could potentially be acquired. Citi raised its target on shares to $2.30 from $1.50.
Auriga upgraded Microsoft (NASDAQ: MSFT) to Buy from Hold as it believes consensus expectations for 2010 are too low, but admits the company's Q1 results could be fairly weak. Auriga believes Microsoft is coming up to its "most powerful product cycle in many years" and raised its price target on shares to $30 from $24.
Motorola (NYSE: MOT) was upgraded to Buy from Neutral at UBS.
Fidelity Southern (NASDAQ: LION) was upgraded to Neutral from Reduce at SunTrust.
Sonoco Products (NYSE: SON) was upgraded to Buy from Neutral at BofA/Merrill.

Analyst downgrades:

Jefferies downgraded Allegheny Energy (NYSE: AYE) to Hold from Buy to reflect valuation and the decline in market heat rates. The firm lowered its target on shares to $28 from $29.
Citigroup downgraded Mosaic (NYSE: MOS) and Potash (NYSE: POT) to Hold from Buy on concerns fall potash applications will be weaker than expected and Chinese contract delays create price risk. The firm lowered its price target on Mosaic shares to $54 from $62 and on Potash to $98 from $115.
Soleil downgraded First Solar (NASDAQ: FSLR) to Sell from Hold as it believes the company's large earnings beats will come to an end given added margin pressure. The firm lowered its target on shares to $96 from $170.
Rosetta Resources (NASDAQ: ROSE) was downgraded to Neutral from Buy at SunTrust.
OfficeMax (NYSE: OMX) was downgraded to Neutral from Buy at Goldman.
Boston Scientific (NYSE: BSX) was downgraded to Neutral from Buy at UBS.

Analyst initiations:

Alcoa (NYSE: AA) was initiated with an Underweight rating and $11 target at HSBC.
Thomson Reuters (NYSE: TRI) was assumed with a Neutral rating and $38.30 target at Goldman.
Goldman also started Fiat (OTC: FIATY) with a Buy rating.

Tags: AA, Alcoa, analyst upgrades, AYE, BSX, CSC, CTSH, downgrades, ETFC, Fiat, FIATY, FSLR, initiations, LION SON, Microsoft, MOS, Mosaic, MOT, Motorola, MSFT, OfficeMax, OMX, POT, Potash, ROSE, Sonoco, TRI