Analyst upgrades, downgrades and initiations: AAP, AXP, BRCD, DD, H, KSS, NYB, SI ...

Analyst Upgrades

FBR Capital upgraded New York Community Bancorp (NYB) to outperform from market perform following the FDIC-assisted acquisition of AmTrust. The firm raised its target price on shares to $16 from $11.
Oppenheimer upgraded Brocade (BRCD) to outperform from perform to reflect valuation, low investor expectations, and the company's potential to gain market share in IP/Ethernet switching. The firm set a target price of $8.50 on shares.
Stifel Nicolaus upgraded National Health Investors (NHI) to buy from hold following the announcement that the litigation vs. Care Foundation has been dismissed. The firm has a $37 target on the stock.
American Express (AXP) was upgraded to neutral from underperform at BofA/Merrill.
ACE Ltd. (ACE) was upgraded to buy from neutral at Goldman.
Kohl's (KSS) was raised to outperform from neutral at Baird.

Analyst Downgrades

Goldman downgraded the insurance brokerage sector to neutral from attractive. Marsh & McLennan (MMC) was downgraded to neutral from buy, citing relative valuation. Note that ACE Ltd. was upgraded to buy from neutral.
Credit Suisse downgraded DuPont (DD) to neutral from outperform. The firm, which lowered its target to $31 from $36, cites valuation and the delayed launch of Optimum GAT for the downgrade.
FBR Capital downgraded Advance Auto Parts (AAP) to underperform from market perform due to concerns about the company's 2010 earnings outlook. The firm has a $36 price target on shares.
Coventry Health (CVH) was cut to market perform from outperform at Wells Fargo.
Siemens (SI) was downgraded to equal weight from overweight at Morgan Stanley.
Anglo American (AAUK) was downgraded to underperform from sector perform at RBC Capital.

Analyst Initiations

Oppenheimer started Addus HomeCare (ADUS) with an outperform rating and $12 target. The firm finds growth opportunities in the homecare industry compelling.
Vitamin Shoppe (VSI) was initiated with an overweight rating and $23 target at JPMorgan, with a buy rating and $23 target at BofA/Merrill, with an overweight rating and $25 target at Barclays and with an overweight rating and $24 target at Piper Jaffray.
Hyatt Hotels (H) was assumed with a market perform rating and $31 target at Keefe Bruyette.
Echelon (ELON) and Itron (ITRI) were initiated with hold ratings at ThinkEquity.
EnerNOC (ENOC) coverage was assumed with an outperform rating and $33 target at Credit Suisse.