Analyst calls: AAI, AMR, CAL, POT, AIG, DHI, PHM, GS, JPM, LOW ...

Analyst upgrades:

UBS believes US airlines estimates are too low and will move higher. The firm upgraded AirTran (NYSE: AAI), AMR Corp (NYSE: AMR), Continental (NYSE: CAL), Delta (NYSE: DAL) and Northwest (NYSE: NWA) to Buy from Neutral and JetBlue (NASDAQ: JBLU) to Neutral from Sell.
JMP Securities upgraded DealerTrack (NASDAQ: TRAK) to OUtperform from Market Perform as they believe 2H08 guidance represents a floor and that 2009 estimates are achievable, among other reasons.
Potash (NYSE: POT) and Mosaic (NYSE: MOS) were raised to Buy from Hold at Soleil.
Argus upgraded Seagate (NYSE: STX) to Buy from Hold on Friday.

Analyst downgrades:

Jefferies downgraded Citrix Systems (NASDAQ: CTXS) to Underperform from Hold as they do not see a catalyst for the company to grow into 2009 consensus estimates. The firm lowered their target price to $25 from $32.
Citigroup said following Lehman's (NYSE: LEH) bankruptcy, they expect a distressed-sale of American International's (NYSE: AIG) MBS portfolio, resulting in the worst quarter yet for the company. Shares were cut to Hold from Buy.
D.R. Horton (NYSE: DHI) was downgraded to Sell from Hold and Pulte Homes (NYSE: PHM) was downgraded to Hold from Sell at Citigroup.
Merrill downgraded Goldman Sachs (NYSE: GS) to Neutral from Buy and JP Morgan (NYSE: JPM) to Underperform from Neutral.

Baird cut estimates and price targets for Professional Staffing and Recruiting companies due to FX rates and global macro weakness. The firm downgraded Hudson Highland (NASDAQ: HHGP), Kforce (NASDAQ: KFRC), Korn/Ferry International (NYSE: KFY) and MPS Group (NYSE: MPS) to Neutral from Outperform.

Analyst initiations:

Mattson Technology (NASDAQ: MTSN) was initiated with a Hold rating at Needham. The firm believes Mattson is stretched too thin with too many products and platforms to support and that consensus estimates for 2009 are too high.
Cowen initiated Whirlpool (NYSE: WHR) and Rent-A-Center (NASDAQ: RCII) with Outperform ratings and Lowe's (NYSE: LOW) and Williams-Sonoma (NYSE: WSM) with Underperform ratings. The analyst is positive on WHR's and RCII's market share positions while negative on LOW's and WSM's outsized expansion in industries with overcapacity.
Morgan Stanley assumed WuXi PharmaTech (NYSE: WX) with an Overweight rating.
Network Engines (NASDAQ: NENG) was reinstated with a Hold rating at Needham.