Analyst calls: ORLY, DISH, M, KSS, DPS, CRM, LLY ...

Analyst upgrades:

JP Morgan upgraded O'Reilly (NASDAQ: ORLY) to Overweight from Neutral, citing increased demand and CSK acquisition synergies.
Yamana Gold (NYSE: AUY) was raised to Outperform from Sector Perform by RBC Capital, based on valuation and the firm's expectation that gold will rally.
HSBC upgraded KLA-Tencor (NASDAQ: KLAC) to Overweight from Neutral with a $44 target.

Analyst downgrades:

Bernstein dropped DISH Network (NASDAQ: DISH) to Underperform from Market Perform, citing continued weak operations, declining cash flow, and satellite sector headwinds, among other reasons.
Macy's (NYSE: M) was downgraded to Neutral from Buy by Goldman Sachs based on valuation.
Kohl's (NYSE: KSS) was also dropped to Neutral from Buy by Goldman based on valuation.
UBS downgraded Dr Pepper Snapple (NYSE: DPS) to Neutral from Buy based on valuation.

Analyst initiations:

Salesforce.com (NYSE: CRM) was started with a Buy rating by Kaufman Bros., which believes the core on-demand CRM application market is nowhere close to full penetration.
Caris initiated Eli Lilly (NYSE: LLY) with a Below Average rating, citing the company's Zyprexa and Cymbalta patent expirations.
Leerink Swann assumed coverage of Amgen (NASDAQ: AMGN) with an Outperform, as the firm predicts that the company's denosumab will allow the company to substantially increase its earnings starting in 2010.