Analyst downgrades:

• UBS downgraded Target (NYSE: TGT) to Neutral from Buy. The firm downgraded shares based on valuation and concerns regarding the change in consumer spending and its impact on the company's recovery.
• KeyBanc downgraded FreightCar America (NASDAQ: RAIL) to Hold from Buy based on valuation, earnings visibility, and political headwinds.
• Citigroup downgraded Global Crossing (NASDAQ: GLBC) to Hold from Buy on valuation following the recent rally and maintains a $16 price target on the stock.
• Greenhill & Co. (NYSE: GHL) was downgraded to Neutral from Buy at Pali Capital.
• Bayer (OTC: BAYRY) was downgraded to Neutral from Buy at UBS.
• National Penn Bancshares (NASDAQ: NPBC) was downgraded to Neutral from Buy at FTN Equity.

Analyst initiations:

• Deutsche Bank recommends owning Lorillard (NYSE: LO) for its Newport brand and cash flow generation. The firm started shares with a Buy rating and $83 target.
• Wells Fargo initiated Cracker Barrel (NASDAQ: CBRL) with an Outperform rating. The firm believes that Cracker Barrel is poised to exploit its brand, while its productivity initiatives appear to be working.
• Pali Capital started Shanda Games (NASDAQ: GAME) with a Buy rating and $15 target. Pali believes concerns surrounding Shanda Games' short-term growth are overblown and that the company is well positioned for sustainable long-term growth.
• Boston Scientific (NYSE: BSX) and Medtronic (NYSE: MDT) were initiated with Neutral ratings at Goldman.
• Wal-Mart (NYSE: WMT) was initiated with a Market Perform rating and $58 target at Bernstein.
• Alliance Data Systems (NYSE: ADS) was initiated with an Outperform rating and $75 target at Keefe Bruyette.