Analyst Calls: AGU, BHI, CP, GOOG, HUM, MOS, MSFT, TGT, VAL, YHOO ...

Analyst Upgrades

GC Financial upgraded Microsoft (MSFT) to buy from hold, citing expectations that the company will raise its quarterly dividend by 15%. The firm upped its target for shares to $30 from $29.
JPMorgan upgraded Agrium (AGU) to overweight from neutral, citing valuation and strengthening agricultural fundamentals. The firm raised its target for shares to $75 from $70. Note JPMorgan downgraded Mosaic (MOS) this morning to neutral from overweight.
Susquehanna upgraded Baker Hughes (BHI) to positive from neutral based on valuation. The firm has a $53 target on the stock.
Target (TGT) was upgraded to buy from neutral at BofA/Merrill.
CF Industries (CF) was upgraded to conviction buy from neutral at Goldman.
Portugal Telecom (PT) was upgraded to buy from hold at Deutsche Bank.

Analyst Downgrades

BGC Financial downgraded Yahoo! (YHOO) to hold from buy, citing growing risks to the company's display and search businesses. The firm dropped its target for shares to $16 from $22.
JPMorgan downgraded Mosaic (MOS) to neutral from overweight on valuation with shares nearing the firm's $52 price target.
Goldman downgraded Valspar (VAL) to neutral from buy following the worse-than-expected Q2 report. The firm has a price target of $33 on the stock.
Cumberland Pharma (CPIX) was downgraded to hold from buy at Jefferies and to market perform from outperform at Wells Fargo.
Athenahealth (ATHN) was downgraded to neutral from outperform at Baird.
Questar (STR) was downgraded to market perform from outperform at BMO Capital.

Analyst Initiations

Wedbush started Google (GOOG) with an underperform rating and $525 price target.
Credit Suisse initiated Humana (HUM), United Health (UNH) and WellPoint (WLP) with outperform ratings and price targets of $60, $41 and $68, respectively, and Health Net (HNT) and Centene (CNC) with neutral ratings and price targets of $30 and $37, respectively.
JMP Securities initiated Allied World (AWH) with an outperform rating and $65 target.
Canadian Pacific (CP) and Canadian National (CNI) were initiated with equal weight ratings and price targets of $65 and $67 at Barclays.
Cooper Industries (CBE) was initiated with a buy rating and $60 target at Deutsche Bank.