Analyst upgrades, downgrades and initiations: AMZN, BKS, POT, XOM, WM ...

Analyst initiations:

Allegheny (NYSE: AYE) was initiated with a buy at Citigroup as attractive at current levels. Target is $33.
PPL Corp. (NYSE: PPL) was initiated with a buy at Citigroup. Citi believes PPL's earnings power from the Pennsylvania regulated utility market is being underappreciated. Target is $35.
FirstEnergy (NYSE: FE) was initiated with a Buy at Citigroup who believes the company's current valuation doesn't reflect its transition to full market-based rates in 2011. Target is $56.
Waste Management (NYSE: WM) coverage resumed with a Neutral at Goldman.
Exxon (NYSE: XOM) initiated with a Buy at Soleil. Target is $90.
Vodafone (NYSE: VOD) was initiated with a Buy at ING Group.

Analyst downgrades:

Potash (NYSE: POT) was downgraded to Sector Perform from Sector Outperformer at CBIC, citing concerns regarding pricing and demand over the next 12 to 18 months. Target remains $110.
Medicis (NYSE: MRX) was downgraded at Bernstein to Market Perform from Outperform, citing valuation and expectations for payer pressure on the Solodyn franchise. Target is $23.
Spectra Energy (NYSE: SE) was downgraded to Sell from Neutral at UBS. Target raised to $27 from $25.
Barnes & Noble (NYSE: BKS) downgraded to Sell from Neutral at Goldman. Target lowered to $18 from $21.
IberiaBank (NASDAQ: IBKC) downgraded to Neutral from Buy at B. Riley following the company's Q3 results.Target is $49.

Analyst upgrades:

Amazon (NASDAQ: AMZN) was upgraded to Buy from Neutral at James Montgomery to reflect revenue growth acceleration and unit profitability improvement following the company's Q4 results. Target is $135.
Legg Mason (NYSE: LM) was upgraded to Neutral from Underperform at Credit Suisse following the Q2 report. Target raised to $33 from $31.
Tenneco (NYSE: TEN) was upgraded at Credit Suisse to Outperform from Neutral. The firm believes Teneco will report Q3 upside and sees "further room to follow through." Target is $19.
PNC Financial (NYSE: PNC) upgraded at Wells Fargo to Outperform from Market Perform. The firm based the upgrade on several factors, including what it sees as PNC's superior coverage of credit costs, superior credit quality versus peers, and total book value expansion.
Ericsson (NASDAQ: ERIC) upgraded to Conviction Buy from Neutral at Goldman.