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Analyst upgrades, downgrades and initiations: GOOG, AA, FCX, SJM, TWC ...

Analyst upgrades:

Merriman upgraded shares of Google (NASDAQ: GOOG) to Buy from Neutral after its channel checks indicated a modest increase in ad spend per client in March. The upgrade is based on early indications that search pricing and ad spend are stabilizing, search volume continuing to grow at a double-digit rate, and Merriman's belief that consensus estimates are now at reasonable levels.
Deutsche Bank upgraded shares of Alcoa (NYSE: AA) to Hold from Sell and raised its price target to $8 from $7.30 following the company's asset sales in March as it believes the financial overhang on the stock has been removed.
Suntrust said Providence Service (NASDAQ: PRSC) has returned to profitability through demand stabilization for social services and cost controls. Shares were upgraded to Buy from Neutral.
Telmex (NYSE: TMX) was upgraded to Neutral from Undeperform at Credit Suisse.
Deutsche Telekom (NYSE: DT) was raised to Market Perform from Underperform at Bernstein.
Autodesk (NASDAQ: ADSK) was lifted to Neutral from Sell at UBS.

MAJOR PAPERS:

The Financial Times reported that Warren Buffett has criticized hedge funds, calling their fee arrangements "grotesque."
In other news relating to Warren Buffett, the New York Times wrote that Buffett said in his annual Berkshire Hathaway (NYSE: BRK.A) shareholder letter that he is looking for a candidate to become chief investment officer when he steps down.

OTHER PAPERS:

BusinessWeek's "Inside Wall Street" section focused on Tyco International Ltd (NYSE: TYC), Altair Nanotechnologies Inc (NASDAQ: ALTI) and Supergen Inc (NASDAQ: SUPG).

About Tyco, the column said the planned de-conglomeration of the company has not produced a lot of excitement, but some pros are buying shares, as they believe Tyco splitting in three will cause a jump in the stock.
About Altair, the column said Alcoa (AA) and Eli Lilly (LLY) have taken an interest in Altair's rapid-charge, high-power NanoSafe battery packs, which could mean a rise in 2007 orders creating a profit for the company.
About Supergen, the column said that biotech's like Supergen are gaining traction, noting that Supergen inked a pact with Johnson & Johnson (JNJ) to market its Food & Drug Administration-approved drug Dacogen.

Investor's Business Daily's "New America" column focused on Hurco Companies Inc (NASDAQ: HURC), a machine tool maker that has ad success by downsizing in the U.S. and shifting production to Taiwan.