Analyst upgrades, downgrades and initiations: AZN, AZO, BBBY, CAH, CPN, LLL, LTD ...

Analyst upgrades:

FBR Capital upgraded AutoZone (NYSE: AZO) to Market Perform from Underperform on valuation following the company's Q4 results but lowered its target on shares to $134 from $137.
Citigroup upgraded Calpine (NYSE: CPN) to Buy from Hold on valuation following Wednesday's sell-off. The firm believes Harbinger's share sale reflects an issue with the shareholders, not with the company, and raised its price target on the stock to $16.50 from $13.
Credit Suisse upgraded Knight Transportation (NYSE: KNX) to Neutral from Underperform and raised its target to $17 from $16 based on valuation and the improved freight environment.
Citrix Systems (NASDAQ: CTXS) was upgraded to Conviction Buy from Buy at Goldman.
Webster Financial (NYSE: WBS) was upgraded to Outperform from Sector Perform at RBC Capital.
Dr. Reddy's Labs (NYSE: RDY) was upgraded to Overweight from Equal Weight at Morgan Stanley.

Analyst downgrades:

Deutsche Bank downgraded Cardinal Health (NYSE: CAH) to Hold from Buy on valuation following the recent rally in shares. Despite downgrading, Deutsche raised its price target to $30 from $28.50.
Goldman downgraded AstraZeneca (NYSE: AZN) to Sell from Neutral on valuation and generic competition concerns.
Credit Suisse downgraded Bed Bath & Beyond (NASDAQ: BBBY) to Neutral from Outperform. The firm, which raised its target to $41 from $35, cites relative valuation for the downgrade.
L-3 Comm (NYSE: LLL) was downgraded to Neutral from Overweight at JPMorgan.
American Capital (NASDAQ: AGNC) was downgraded to Market Perform from Outperform at JMP Securities.
British Airways (OTC: BAIRY) was downgraded to Hold from Buy at Citigroup.

Analyst initiations:

UBS initiated British Airways (OTC: BAIRY) with a Neutral rating, Air France-KLM (OTC: AFLYY) with a Sell rating, and Lufthansa (OTC: DLAKY) with a Buy rating.
American Capital (NASDAQ: AGNC) was initiated with a Neutral rating at Sterne Agee.
Limited Brands (NYSE: LTD) was initiated with a Neutral rating and $17 target at Goldman.
Genzyme (NASDAQ: GENZ) was initiated with a Neutral rating at FTN Equity.
Pharmasset (NASDAQ: VRUS) was initiated with an Outperform rating at William Blair.
Pike Electric (NYSE: PIKE) was initiated with a Buy rating and $16.50 target at Janney Montgomery.