Analyst upgrades, downgrades and initiations: AXP, BBY, BEN, H, LLY, TROW, X ...

Analyst downgrades:

• Deutsche Bank downgraded Franklin Resources (BEN) to hold from buy on valuation and recommends swapping into T. Rowe Price, which it upgraded this morning to buy from hold (see above). Deutsche lowered its target price on Franklin Resources shares to $115 from $125.
• KeyBanc downgraded Steel Dynamics (STLD) to hold from buy, citing some easing of metal spread momentum.
• Societe Generale downgraded Best Buy (BBY) two notches to sell from buy following the company's Q3 results.
• FirstEnergy (FE) was cut to neutral from outperform at Credit Suisse.
• Senior Housing (SNH) was downgraded to neutral from outperform at Baird.
• Superior Well Services (SWSI) was downgraded to hold from buy at Canaccord.

Analyst initiations:

• Wells Fargo initiated American Express (AXP) with an outperform rating. The firm believes that credit losses have peaked, while spending by the company's customers should increase.
• JMP Securities initiated Sunpower (SPWRA) with an outperform rating and $30 target. The firm believes the growth potential of Sunpower's residential and distributed power generation strategy is being underestimated by the market.
• FBR Capital expects Hyatt (H) shares to underperform due to valuation and optimistic EBITDA expectations. The firm started shares with an underperform rating and $26 target.
• Eli Lilly (LLY) was initiated with a neutral rating at UBS.
• NRG Energy (NRG) was reinstated with an outperform rating annd $30 target at Credit Suisse.
• Reliance Steel (RS) was initiated with a neutral rating and $45 target at JPMorgan.