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

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.