Analyst upgrades, downgrades and initiations: AZN, HPQ, KO, MA, SCHW, USB ...

Analyst upgrades:

FBR Capital upgraded U.S. Bancorp (NYSE: USB) and New York Community Bancorp (NYSE: NYB) to Market Perform from Underperform to reflect a new valuation framework. The firm raised its target on U.S. Bancorp to $21 from $14 and on New York Community Bancorp to $10 from $9.
Stephens upgraded Insulet (NASDAQ: PODD) to Overweight from Equal Weight to reflect the company's top-line growth prospects and reasonable expectations. The firm raised its target on shares to $14 from $8.
Baird upgraded Athenahealth (NASDAQ: ATHN) to Outperform from Neutral and raised its target to $46 from $37 based on expectations for revenue and gross margin expansion, and relative valuation.
Broadcom (NASDAQ: BRCM) was upgraded to Overweight from Equal Weight at Barclays.
Phillips-Van Heusen (NYSE: PVH) was upgraded to Buy from Neutral at BofA/Merrill.
Reliant Energy (NYSE: RRI) was upgraded to Conviction Buy from Neutral at Goldman.

Analyst downgrades:

Collins Stewart downgraded AstraZeneca (NYSE: AZN) to Sell from Hold as it believes investor attention could turn towards the Crestor patent challenge and that takeover speculation will not amount to a deal.
Goldman downgraded Portland General Electric (NYSE: POR) to Neutral from Buy but raised its target to $23 from $22. The firm cites valuation and concerns regarding guidance for the downgrade.
Soleil downgraded Western Refining (NYSE: WNR) to Hold from Buy on concerns debt covenants could be broken in Q1 of 2010. The firm lowered its target price on shares to $8.
ProLogis (NYSE: PLD) was downgraded to Perform from Outperform at Oppenheimer.
American Capital (NASDAQ: AGNC) was downgraded to Underperform from Neutral at BofA/Merrill.
Synovus (NYSE: SNV) was downgraded to Underperform from Market Perform at FBR Capital.

Analyst initiations:

Citigroup expects Coca-Cola (NYSE: KO) to post better earnings growth in 2010, leading to multiple expansion. The firm started shares with a Buy rating and $61 target.
Stephens believes Myriad (NASDAQ: MYGN) is well positioned in the specialty cancer testing market. The firm initiated shares with an Overweight rating and $36 target.
Pali Capital assumed Charles Schwab (NASDAQ: SCHW) with a Neutral rating. The firm prefers to wait for a raising interest rate cycle or a more attractive valuation to put new money to work in Charles Schwab shares.
Hewlett-Packard (NYSE: HPQ) was initiated with a Buy rating and $56 target at Brigantine.
Evercore Partners (NYSE: EVR) was initiated with an Outperform rating at William Blair.
MasterCard (NYSE: MA) was initiated with a Positive rating and $244 target at Susquehanna.