Analyst upgrades, downgrades and initiations: BRCM, D, FRED, INTC, LAZ, SCSC ...

Analyst upgrades:

Pali Capital upgraded Lazard (LAZ) to buy from neutral, citing a healthy restructuring environment, improving M&A and strength in the asset management segment. The firm has a $46 target on shares.
Baird upgraded Scansource (SCSC) to outperform from neutral, citing strength in the channel business and growth drivers from improved telephony and security. The firm has a $30 target on shares.
Citigroup upgraded Liberty Interactive (LINTA) to buy from hold, citing the company's QVC unit's return to growth. The firm raised its target on shares to $13.25 from $12.
Hess Corp (HES) was upgraded to overweight from equal weight at Morgan Stanley.
Vulcan Materials (VMC) was upgraded to buy from neutral at UBS.
Dillard's (DDS) was upgraded to buy from hold at Deutsche Bank.

Analyst downgrades:

Auriga downgraded F5 Networks (FFIV) to hold from buy on valuation, as it views shares as fairly valued following the recent rally. The firm keeps a $48 price target on the stock.
JPMorgan downgraded Fred's (FRED) to underweight from neutral. The firm sees significant risk to the company's earnings due to competition and top line underperformance, and it set an $8 price target on shares.
Dominion Resources (D) was downgraded to sell from hold at Citigroup on valution. The firm has a $32 target on the stock.
Peabody Energy (BTU) was downgraded to buy from conviction buy at Goldman.
Principal Financial (PFG) was downgraded to equal weight at Morgan Stanley.
Fiat (FIATY) was downgraded to neutral from buy at UBS.

Analyst initiations:

BMO Capital initiated Intel (INTC), Marvell Tech (MRVL) and Broadcom (BRCM) with outperform ratings and Analog Devices (ADI) and Altera (ALTR) with market perform ratings.
AGCO Corp. (AGCO) was initiated with an equal weight rating and $32 target at Barclays.
Exco Resources (XCO) was initiated with a buy rating and $22 target at Wunderlich.
Lan Airlines (LFL) was initiated with an overweight rating and $19 target at JPMorgan.
Brinker (EAT) was initiated with a buy rating and $17 target at Jefferies.
Dollar General (DG) was assumed at Pali Capital with a neutral rating.