Analyst Upgrades, Downgrades and Initiations: CAT, ERTS, FTNT, GME, PRSP, SAP, TWX ...

Analyst Downgrades

• Citigroup downgraded Air Products (APD) to hold from buy on concerns the company's bid for Airgas (ARG) could drag out for several months and limit upside in the stock. Citi lowered its price target on Air Products shares to $73 from $96.
• Needham downgraded Electronic Arts (ERTS) to hold from buy. The firm found the company's FY11 outlook disappointing and no longer sees enough upside in shares to justify a buy rating.
• Credit Suisse downgraded GameStop (GME) to neutral from outperform and cut its target to $25 from $28. The firm believes GameStop's multiple may not expand given aggressive pricing competition, weakness in the catalogue business, weak industry trends and increased digital downloading.
• PetroChina (PTR) was downgraded to sell from neutral at Goldman.
• Capstone downgraded Immersion (IMMR) to buy from strong buy.
• Terremark (TMRK) was downgraded to hold from buy at Jefferies.

Analyst Initiations

• Needham initiated Time Warner (TWX) with a hold rating.
• Jefferies started Enterra Energy Trust (ENT) with a hold rating and $70 target.
• RBC Capital initiated Questar (STR) with a sector perform rating and $50 target.
• Fossil (FOSL) was initiated with an equal weight rating and $35 target at Barclays.
• Hanesbrands (HBI) was started at Sterne Agee with a buy rating and $37 target.
• Hess Corp (HES) was initiated at Calyon with a buy rating and $78 target.