Analyst upgrades, downgrades and initiations: VPRT, EV, HPT, NRG, GTE, BNHNA, VAR, ITRI and FARO

Analyst downgrades:

• UBS downgraded NRG Energy (NRG) to neutral from buy based on a lower natural gas forecast and lower power assumptions. The firm lowered its target to $26 from $33.
• Wunderlich downgraded Gran Tierra Energy (GTE) to hold from buy due to valuation and uncertainty surrounding the company's exploration program. The firm keeps a $6 price target on the stock.
• Stephens downgraded Benihana (BNHNA) to equal weight from overweight following the company's weaker-than-expected Q2 results as it sees a lack of near-term catalysts.
• Lukoil (LUKOY) was downgraded to hold from buy at Citigroup.

Analyst initiations:

• Wells Fargo initiated Varian Medical (VAR) with a market perform rating and $45 to $49 valuation range, citing its cautious stance on 2010 U.S. hospital capex spending and recent Radiation Oncology spending trends.
• Kaufman Bros. initiated Itron (ITRI) with a hold rating and $70 target, citing uncertainty regarding the timing of stimulus funding.
• Thomas Weisel initiated FARO Technologies (FARO) with an overweight rating and $24 target. The firm thinks the company has tremendous operating leverage, compelling valuation and significant growth potential, while its key metrics are poised to accelerate.
• Barclays (BCS) was initiated with a market perform rating at Bernstein.
• EMC Corp (EMC) was initiated with a buy rating and $20 target at UBS.
• Thomson Reuters (TRI) was initiated with an equal weight rating and $36.50 target at Barclays.