Analyst upgrades, downgrades and initiations: AAPL, AMZN, BAC, DRYS, GENZ, REG, S ...

Analyst Upgrades

FBR Capital upgraded Bank of America (BAC) to outperform from market perform to reflect its positive view of the company's $20.5M common equity raise and $45B TARP repayment. The firm believes the $20.5B capital raise is lower than some expected and that Bank of America could potentially announce a new CEO by year-end. FBR raised its price target on shares to $20 from $15.
JPMorgan upgraded Kennametal (KMT) to overweight from neutral. The firm, which has a $30 target on the stock, cites the recent pullback in shares and believes increased industrial production in 2010 could be a positive catalyst for the company.
Credit Suisse upgraded Ternium (TX) to outperform from neutral and raised its target to $40 from $31. The firm upgraded shares based on expectations for further improvements in profitability.
G-III Apparel (GIII) was upgraded to overweight from market weight at Thomas Weisel.
Cubist Pharma (CBST) was raised to outperform from sector perform at RBC Capital.
AvalonBay (AVB) was upgraded to neutral from sell at Goldman.

Analyst Downgrades

Wells Fargo downgraded Regency Centers (REG) to market perform from outperform, citing valuation and the gap between contract and spot market rents.
RBC Capital cut Teck Resources (TCK) to sector perform from outperform but raised its price target to $37 from $35.
Canaccord downgraded Enbridge (ENB) to hold from speculative buy based on valuation.
Genzyme (GENZ) was downgraded to hold from buy at Collins Stewart.
Kimco Realty (KIM) was downgraded to neutral from buy at Goldman.

Analyst Initiations

Jesup & Lamont started Apple (AAPL) with a buy rating and $240 target. The firm sees "tremendous" growth potential for Apple in the phone and computing segments.
JMP Securities initiated Amazon.com (AMZN) with a market perform rating due to recent share outperformance, increasing competition and risks to Media segment revenues.
Deutsche Bank is positive on DryShips' (DRYS) exposure to the drillship charter environment and thinks the company's cash flow potential is being undervalued at current levels. Shares were initiated with a buy rating and a $10 target.
Becton Dickinson (BDX) was initiated with a buy rating and $85 target at Citigroup.
Cognizant (CTSH) was initiated with an overweight rating and $53 target at Barclays.
Sprint Nextel (S) coverage resumed with a market perform rating at Wells Fargo.