Analyst upgrades:

• RBC Capital upgraded Bank of America (NYSE: BAC) to Outperform from Sector Perform and said the company has attractive franchise value and earnings power, and is nearing the start of a credit driven earnings recovery. The firm raised its target to $22 from $19.
• Oppenheimer assumed coverage of Amazon.com (NASDAQ: AMZN) and upgraded shares to Outperform from Perform. The firm expects Amazon's revenue growth to re-accelerate over the next several quarters, making consensus estimates too conservative. Opco set a $130 price target on the stock.
• Barclays upgraded Ford (NYSE: F) to Equal Weight from Underweight and believes the company will report Q3 results above the Street. The firm raised its Q3 EPS estimate to 7 cents from 16 cents, vs. consensus of 21 cents, and its price target to $8 from $7.
• Charles River Labs (NYSE: CRL) was upgraded to Neutral from Sell at Goldman.
• Briggs & Stratton (NYSE: BGG) was upgraded to Outperform from Neutral at Baird.
• Sealed Air (NYSE: SEE) was upgraded to Equal Weight from Underweight at Barclays.

Analyst upgrades:

• Keefe Bruyette upgraded Morgan Stanley (NYSE: MS) to Outperform from market Perform after transferring coverage to a new analyst. The firm expects Morgan to benefit from the pending joint venture with Smith Barney and improvements in its operating environment.
• FBR Capital upgraded Winn-Dixie (NASDAQ: WINN) to Outperform from Market Perform as it believes the company is executing well and shares are cheap at current levels. The firm keeps a $16.50 target on the stock.
• Baird believes Polaris's (NYSE: PII) consensus expectations and valuation are too low and that the company will expand beyond powersports. The firm upgraded shares to Outperform from Neutral and raised their target to $37 from $32.
• J. Crew (NYSE: JCG) was upgraded to Neutral from Sell at Goldman.
• Lexmark (NYSE: LXK) was upgraded to Equal Weight from Underweight at Barclays.
• Global Hunter upgraded Big Lots (NYSE: BIG) to Buy from Neutral.

MOST NOTEWORTHY: Acergy, Casey's General and Corinthian Colleges were today's noteworthy downgrades:

• Citigroup downgraded shares of Acergy (NASDAQ: ACGY) to Sell from Hold as they see risk to the company's backlog and believes the recent share rally is not supported by business operations.
  
• Casey's General (NASDAQ: CASY) was downgraded at Friedman Billings to Underperform from Market Perform citing headwinds that include weak gas comps.
  
• Banc of America downgraded shares of Corinthian Colleges (NASDAQ: COCO) to Neutral from Buy as they believe the post-legislation lending overhang will limit further share upside until COCO can show its students can access federal funds with minimal disruption.

OTHER DOWNGRADES:

• Bernstein cut EMC Corp (NYSE: EMC) to Market Perform from Outperform.
  
• Baird lowered Woodward Governor (NASDAQ: WGOV) to Neutral from Outperform.
  
• Merrill downgraded Sealed Air (NYSE: SEE) and Bemis (BMS) to Sell from Neutral.

MOST NOTEWORTHY: GlaxoSmithKline, Equinix and Convergys were today's noteworthy initiations:

• Societe Generale believes consensus estimates are underestimating the quality of GlaxoSmithKline's (NYSE: GSK) base business. The firm started shares with a Buy rating.
  
• Merriman believes Equinix's (NASDAQ: EQIX) data center footprint leaves it highly exposed to changing market dynamics, including virtualization, and initiated shares with a Neutral rating. They see limited upside over the next 12 months.
  
• Convergys (NYSE: CVG) was reinstated with a Hold rating and $19 target at Kaufman Bros, as they are not confident in the company's 2008 new signings outlook and is concerned that the current restructuring and headcount cuts will prove disruptive over the medium term.

OTHER INITIATIONS:

• First Solar (NASDAQ: FSLR) was initiated with a Buy rating and $360 target at UBS.
  
• Wachovia resumed coverage of News Corp (NYSE: NWS) with a Market Perform rating.
  
• Baird initiated Sealed Air (NYSE: SEE) with a Neutral rating.

MOST NOTEWORTHY: UnitedHealth Group Inc (UNH), RF Micro Devices Inc (RFMD), UTi Worldwide Inc (UTIW) and Viacom B (VIA, VIA.B) were some of today's more notable downgrades:

• UBS cut UnitedHealth Group Inc (NYSE: UNH) to Neutral from Buy citing moderating fundamentals in commercial performance and large government exposure that will make it difficult for the company to outperform its peer group.

• Jefferies downgraded RF Micro Devices Inc (NASDAQ: RFMD) to Hold from Buy with a $7 target as the firm believes the company's June guidance signals a slow down of second-half fundamentals.

• Stephens cut UTi Worldwide Inc (NASDAQ: UTIW) to Equal Weight from Overweight based on ongoing cost issues.

• Viacom (NYSE: VIA, VIA.B) was downgraded to Sell from Hold at Sanders Morris to reflect weak ad growth at MTV, digital revenues that the firm believes are a displacement rather than accretive to the revenue base and the lawsuit against Google's (GOOG) YouTube, which the firm feels is the wrong call.

OTHER DOWNGRADES:

• Matrix USA cut Total Systems Services (NYSE: TSS) to Sell from Hold and NIC Inc (NASDAQ: EGOV) to Hold from Buy on valuation.

• Sealed Air Corp (NYSE: SEE) was taken down to Market Perform from Outperform at Wachovia citing valuation.

• HSBC downgraded shares of British Sky Broadcasting Group plc (NYSE: BSY) to Underweight from Neutral.

• Friedman Billings downgraded shares of Maguire Properties, Inc (NYSE: MPG) to Market Perform from Outperform citing the fallout from subprime-exposed office space.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).