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Analyst upgrades, downgrades and initiations: KR, CCE, WFMI, TWC, ANN ...

Analyst upgrades:

JP Morgan lowered its 2009 North American light vehicle production estimate by 13% to 11.2M and Europe by 10% to 19M. The firm upgraded Borg-Warner (NYSE: BWA) to Overweight from Neutral citing balance sheet and revenue growth.
Jefferies upgraded shares of Kroger (NYSE: KR) to Buy from Hold and raised its target to $32 from $28 as they expect the company's value image to benefit in the current environment.
Leerink upgraded AMAG Pharma (NASDAQ: AMAG) to Outperform from Market Perform on valuation as they believe current data is sufficient for some form of first cycle approval of Ferumoxytol.
Coca-Cola Enterprises (NYSE: CCE) was upgraded to Neutral from Underperform at Merrill Lynch.
Watsco (NYSE: WSO) was raised to Perform from Underperform at Oppenheimer.
UBS upgraded Invitrogen (NASDAQ: IVGN) to Buy from Neutral.

Analyst downgrades:

Jefferies downgraded shares of Whole Foods (NASDAQ: WFMI) to Underperform from Buy and lowered its target to $9.50 from $23 on the worsening macro environment, which they believe is "overwhelming" the company's ability to drive even flat comps in Q4 and FY09.
Deutsche Bank cut Texas Instruments (NYSE: TXN) to Hold from Buy and lowered its target to $19 from $28 following the company's worse-than-expected outlook, as they expect shares to be range bound.
Banc of America downgraded the Dry Bulk Shipping sector to Equal Weight from Overweight to reflect the "depressed" charter rate environment, tighter credit markets and the weakening macroeconomic outlook. The firm downgraded Britannia Bulk (NYSE: DWT), Navios Maritime (NYSE: NM) and TBS International (NASDAQ: TBSI) to Neutral from Buy.
Eaton (NYSE: ETN) was lowered to Underperform from Neutral at Merrill Lynch.
AXA (NYSE: AXA) was downgraded at JP Morgan to Neutral from Overweight.
Aracrus (NYSE: ARA) was downgraded to Underweight from Equal Weight at Morgan Stanley.

MOST NOTEWORTHY: American International Group, Pacific Sunwear, FedEx and Cheniere Energy were today's noteworthy downgrades:

Goldman downgraded American International Group (NYSE: AIG) to Neutral from Buy as they expect market concerns regarding balance sheet pressures and dilutive capital raises to pressure shares.
Citigroup downgraded shares of Pacific Sunwear (NASDAQ: PSUN) to Sell from Buy as they believe Q1 trends are disappointing following the comp results.
Morgan Keegan downgraded FedEx (NYSE: FDX) to Market Perform from Outperform citing the uncertainty related to fuel prices and the economy. RBC
Capital cut Cheniere Energy (NYSE: LNG) to Underperform from Outperform citing the corrected 2007 10K which indicates increased liquidity concerns.

OTHER DOWNGRADES:

Oppenheimer cut Navios Maritime (NYSE: NM) to Perform from Outperform.
Credit Suisse lowered TAL International Group (NYSE: TAL) to Neutral from Outperform.
Vital Signs (NASDAQ: VITL) was downgraded at Piper to Neutral from Buy.

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