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Analyst upgrades, downgrades and initiations: A, PFE, DT, HOG, AZO

Analyst upgrades:

Baird upgraded Agilent (NYSE:A) to Outperform from Neutral and raised its target to $24 from $22. The firm expects Agilent's YoY order declines to bottom in 1H09 and for growth to return in 1Q10.
Despite downgrading the Equity REIT industry to Underweight from Market Weight, Friedman Billings upgraded Home Properties (NYSE:HME) to Outperform from Market Perform to reflect the company's exposure to Washington, D.C. The firm thinks Washington has the potential for stable demand fundamentals.
Keefe Bruyette raised Education Realty (NYSE:EDR) to Outperform from Market Perform to reflect the company's improved liquidity outlook.
Cullen/Frost (NYSE:CFR) was upgraded to Overweight from Equal Weight at Barclays.
Pfizer (NYSE:PFE) was raised to Neutral from Sell at Goldman.
FPIC Insurance (NASDAQ:FPIC) was lifted at Piper Jaffray to Buy from Neutral.

Analyst downgrades:

Credit Suisse downgraded Deutsche Telekom (NYSE:DT) to Neutral from Outperform and France Telecom (NYSE:FTE) to Underperform from Neutral in conjunction with cutting the European Telecommunications Services sector to Market Weight from Overweight.
Goldman downgraded Harley-Davidson (NYSE:HOG) to Sell from Neutral and added shares to its Conviction Sell List. The firm, which lowered its target to $11 from $30, said HOG shares do not fully reflect the impact from unprecedented headwinds in global luxury motorcycle demand and credit.
Jefferies downgraded Precision Cast (NYSE:PCP) to Hold from Buy following the recent rally as they believe near-term EPS growth will be challenging. The firm lowered its target to $72 from $75.
AutoZone (NYSE:AZO) was downgraded to Market Perform from Outperform at Bernstein.
Tenneco (NYSE:TEN) was cut to Market Perform from Outperform at Wachovia.
Burlington Northern (NYSE:BNI) was lowered to Underweight from Equal Weight at Morgan Stanley.
Friedman Billings downgraded the Equity REIT sector to Underweight from Market Weight.

Analyst initiations:

Ladenburg initiated Pentair (NYSE:PNR) with a Buy rating and $32 target. The firm believes the company's cost reduction and growth strategies will limit earnings declines from weak end markets.
Fiat (Other OTC:FIATY) was initiated with a Hold rating at ING Group.
Raymond James resumed coverage of Tailsman Energy (NYSE:TLM) with a Market Perform rating.