Analyst upgrades, downgrades and initiations: AA, BIG, ED, FDX, MGM, MSFT, SKS ...

Analyst upgrades:

Jefferies upgraded Consolidated Edison (NYSE: ED) to Buy from Hold on expectations the company will be able to reach a settlement with the New York PSC Staff that will provide benefits to both ratepayers and shareholders. The firm raised its target on shares to $46 from $40.50.
Keefe Bruyette upgraded Public Storage (NYSE: PSA) to Market Perform from Underperform to reflect the company's balance sheet, industry leading position, and potential for accretive acquisitions. The firm raised its target on shares to $75 from $57.
JPMorgan upgraded Big Lots (NYSE: BIG) to Overweight from Neutral to reflect valuation and industry data points that suggest a pick-up in discretionary spending. The firm has a $30 target on the stock.
Alcoa (NYSE: AA) was upgraded to Buy from Hold at Deutsche Bank.
East West Bancorp (NASDAQ: EWBC) was upgraded to Outperform from Market Perform at Keefe Bruyette.
Bronco Drilling (NYSE: BDC) was upgraded to Neutral from Sell at UBS.

Analyst downgrades:

Citigroup downgraded Manpower (NYSE: MAN) to Hold from Buy to reflect valuation following the recent rally and its neutral view on the Staffing sector. Despite downgrading, Citi raised its target on shares to $61 from $50.
Merriman downgraded Akamai (NASDAQ: AKAM) to Sell from Neutral on concerns the company's CDN pricing is vulnerable and there is risk to FY10 consensus revenue estimates.
Cantor downgraded RADvision (NASDAQ: RVSN) to Sell from Buy to reflect Cisco's (NASDAQ: CSCO) acquisition of Tandberg. The firm notes that Cisco is RADvision's largest customer, while Tandberg is its direct competitor. Cantor set a $6.50 target on RADvision.
Microsoft (NASDAQ: MSFT) was cut to Buy from Conviction Buy at Goldman.
JPMorgan downgraded Saks (NYSE: SKS) to Neutral from Overweight.
Agilent (NYSE: A) was downgraded to Market Weight from Overweight at Thomas Weisel.

Analyst initiations:

Collins Stewart initiated WellCare Health (NYSE: WCG) with a Buy rating and $48 target. The firm believes 2010 consensus estimates for WellCare Health are too low and sees long-term earnings power of at least $4.00 per share.
Jefferies believes Henry Schein (NASDAQ: HSIC) shares are fairly valued at current levels. Shares were started with a Hold rating and $57 target.
Roth Capital initiated Acorn International (NYSE: ATV) with a Buy rating. The firm thinks the company, a Chinese TV shopping network, will continue to rebound well into 2010. Roth set an $8 target on the stock.
FedEx (NYSE: FDX) was assumed with a Buy rating and $98 target at Deutsche Bank.
MGM Mirage (NYSE: MGM) was initiated with a Hold rating and $13 target at Soleil.
Boston Scientific (NYSE: BSX) was initiated with a Market Perform rating at JMP Securities.