Analyst upgrades, downgrades and initiations: DOLE, DWA, ESRX, FOSL, GIL, HR, STZ ...

Analyst Upgrades

Janney Montgomery upgraded Dreamworks (DWA) to buy from neutral on valuation and believes Dragon will be a major hit. The firm has a $45 target on the stock.
Thomas Weisel upgraded Gildan Activewear (GIL) to market weight from underweight, citing expectations for increased market shares in the U.S. screen print channel. The firm raised its target to $17 from $12.
P.F. Chang's (PFCB) was upgraded to overweight from equal weight at Morgan Stanley.
PEPCO Holdings (POM) was upgraded to outperform from neutral at Credit Suisse.
Arris (ARRS) was upgraded to buy from neutral at UBS.

Analyst Downgrades

Goldman downgraded Constellation Brands (STZ) to sell from neutral due to disappointing wine trends. The firm has a $16 target on the stock.
Wells Fargo downgraded Boardwalk Pipeline (BWP) to market perform from outperform primarily due to valuation.
Canaccord downgraded Micromet (MITI) to hold from buy based on valuation. The firm has a $7.50 target on the stock.
Morgan Stanley downgraded Allegiant Travel (ALGT) to equal weight from overweight and Alaska Air (ALK) to underweight from equal weight.
Mechel Steel (MTL) was downgraded to underperform from neutral at Credit Suisse.
Bank of Ireland (IRE) was downgraded to neutral from buy at Nomura.

Analyst Initiations

JPMorgan resumed coverage of Express Scripts (ESRX) with an overweight rating. The firm views the company's NextRx transaction favorably and has a $102 price target on shares.
Jesup & Lamont expects Fossil's (FOSL) earnings to grow as the company builds its international wholesale platform and global direct segments. The firm started shares with a buy rating and $38 target.
RBC Capital believes that Healthcare Realty (HR) is one of the least risky stocks in the health care sector. The firm initiated shares with an outperform rating and set a $23 target on the shares.
Roth Capital initiated QKL Stores (QKLS) with a buy rating. The firm sees the company as a compelling play on the high growth of China's retail industry, and it thinks the company's expansion will accelerate in the near future, allowing its earnings to increase substantially. The firm set a $9 target.
Dole Food (DOLE) was initiated with a neutral rating and $15 target at Goldman and with a hold rating and $13 target at Deutsche Bank.
PG&E (PCG) was initiated with a hold rating and $44 target at Deutsche Bank.
Health Management (HMA) was initiated with an equal weight rating at Morgan Stanley.