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Analyst upgrades, downgrades and initiations: JCP, NVLS, CAG, RJF, PCG, STP, AMZN, MS, MSFT

Analyst upgrades:

JP Morgan upgraded J.C. Penney (NYSE: JCP) to Neutral from Underweight based on lower input costs, stabilization in home, lower markdown dollars, and valuation.
Oppenheimer upgraded Novellus (NASDAQ: NVLS) to Perform from Underperform as it believes Novellus' market share has stabilized and that the company is a potential acquisition target. The firm raised its price target to $20 from $9.
Bernstein upgraded ConAgra (NYSE: CAG) to Market Perform from Underperform citing strength in grains and moderating input costs.
ConocoPhillips (NYSE: COP) was raised to Buy from Neutral at Goldman.
China Housing (NASDAQ: CHLN) was upgraded to Buy from Hold at Roth Capital.

Analyst upgrades:

Keefe Bruyette upgraded shares of AllianceBernstein (NYSE: AB) to Outperform from Market Perform as they find AB's risk/reward attractive given its attractive long-term business model. Wachovia upgraded Watson Pharma (NYSE: WPI) and Teva Pharma (NASDAQ: TEVA) to Outperform from Market Perform citing valuations and positive drivers for generics that include patent expirations and market share expansion.
UBS raised Lloyds TSB Group (NYSE: LYG) to Neutral from Sell on expected pricing power following the HBOS (OTC: HBOOY) acquisition.
Otter Tail (NASDAQ: OTTR) was upgraded to Outperform from Neutral at Baird.
GFI Group (NASDAQ: GFIG) was upgraded at Citigroup to Hold from Sell.
Merrill upgraded Logitech (NASDAQ: LOGI) to Neutral from Underperform.

Analyst downgrades:

JP Morgan downgraded shares of Lloyds TSB Group to Underweight from Neutral on capital concerns and believes the HBOS acquisition is not in the best interest of shareholders.
Stephens downgraded Universal Truckload (NASDAQ: UACL) to Equal Weight from Overweight on valuation and concerns about a slowdown in the flatbed sector. The firm's target remains $28.

MOST NOTEWORTHY: AmericanWest and Raymond James were today's noteworthy initiations:

Keefe Bruyette initiated AmericanWest (NASDAQ: AWBC) with a Market Perform rating and $5 target, citing limited capital and credit visibility.
Sandler started Raymond James (NYSE: RJF) with a Buy rating.

OTHER INITIATIONS: