Analyst upgrades, downgrades and initiations: ANN, AXP, CIEN, DE, RA, SBUX, ZION ...

Analyst upgrades:

Jefferies upgraded Starbucks (SBUX) to buy from hold, citing EPS and revenue momentum heading into 2010. The firm raised its target to $25 from $22.
Soleil upgraded Zions Bancorp (ZION) to buy from hold on valuation as it believes the recent pullback provides an attractive entry point. The firm has a $17.50 price target on shares.
RBC Capital expects Rigel Pharmaceuticals (RIGL) to sign a partnership for R788 in the next four months to run its global Phase III program. Shares were upgraded to outperform from sector perform and its target was raised to $11 from $9.
Deere (DE) was upgraded to overweight from equal weight at Morgan Stanley.
Shire (SHPGY) was raised to outperform from market perform at Bernstein.
Ann Taylor (ANN) was upgraded to overweight from market weight at Thomas Weisel.
J.M. Smucker (SJM) was upgraded to overweight from neutral at JPMorgan.

Analyst downgrades:

JPMorgan downgraded Hibbett Sports (HIBB) to neutral from overweight on valuation and a lack of store growth reacceleration. The firm has a $22 price target on shares.
Jefferies (JEF) was downgraded to sell from neutral at Goldman. The firm cut its target to $25 from $29.
Ciena (CIEN) was downgraded to market perform from outperform at Morgan Keegan.
TC Pipelines (TCLP) was downgraded to neutral from buy at BofA/Merrill.
Knight Capital (NITE) was lowered to neutral from buy at Goldman.
J. Sainsbury (JSAIY) was downgraded to neutral from overweight at JPMorgan.

Analyst initiations:

Morgan Stanley expects American Express (AXP) to be one of the first card companies to emerge from the credit downturn. The firm initiated shares with an overweight rating and $51 target.
Citigroup started RailAmerica (RA) with a buy rating and $16 target. The firm sees potential upside from RailAmerica's acquisition strategy and cost cuts. RailAmerica was also initiated with an overweight rating and $18 target at JPMorgan and with an overweight rating and $17 target at Morgan Stanley.
Pali Capital believes Vitamin Shoppe (VSI) possesses above-average unit growth and a strong strategic positioning. Shares were assumed with a buy rating and $22 target.
Lear (LEA) coverage was resumed with a buy rating and $85 target at BofA/Merrill.
Oshkosh (OSK) was initiated with a neutral rating and $42 target at JPMorgan.
Wonder Auto (WATG) was started at Jefferies with a buy rating and $15 target.