Analyst calls: BIIB, ALU, LYG, MAR, HOT, JCP, MYL, CBS ...

Analyst upgrades:

JMP Securities upgraded Vertex Pharma (NASDAQ: VRTX) to Outperform from Market Perform following better-than-expected interim data for telaprevir.
Lazard Capital upgraded shares of Biogen Idec (NASDAQ: BIIB) to Buy from Hold on valuation after their physician survey indicated solid sales growth in the company's MS franchise.
Calyon upgraded Data Domain (NASDAQ: DDUP) to Add from Neutral based on positive channel checks and valuation.
Goldman added Buckeye GP (NYSE: BGH) to the Conviction Buy List.
Alcatel-Lucent (NYSE: ALU) was upgraded to Hold from Sell and Ericsson (NASDAQ: ERIC) was raised to Hold from Reduce at WestLB.
Keefe Bruyette upgraded Cowen Group (NASDAQ: COWN) to OUtperform from Market Perform.

Analyst downgrades:

Deutsche Bank downgraded shares of Lloyds TSB Group (NYSE: LYG) to Sell from Hold as they believe loan loss risk will outweigh synergies from the acquisition of HBOS (HBOOY).
Citigroup downgraded shares of National Financial Partners (NYSE: NFP) to Hold from Buy and removed the stock from the Top Picks Live List after the company announced July and August revenues and said pressure continues. The firm lowered their target to $20 from $28.

JP Morgan downgraded Marriott (NYSE: MAR) and Starwood Hotels (NYSE: HOT) to Neutral from Overweight and Choice Hotels (NYSE: CHH), Orient-Express Hotels (NYSE: OEH) and Host Hotels (NYSE: HST) to Underweight from Neutral.
Goldman cut Buckeye Partners (NYSE: BPL) to Sell from Buy and removed Lender Processing (NYSE: LPS) from the Conviction Buy List.
J.C. Penney (NYSE: JCP) was downgraded to Underperform from Neutral at Merrill.
First Midwest Bancorp (NASDAQ: FMBI) was cut to Neutral from Buy at Suntrust.

Analyst initiations:

Friedman Billings believes MYR Group (NASDAQ: MYRG) is well positioned to benefit from growth in the electric transmission market. Shares were initiated with an Outperform rating and $23 target.
Jesup & Lamont assumed FPL Group (NYSE: FPL) with a Hold rating and $60 target. The firm thinks EPS could suffer through year-end 2009 given a weak Florida economy and rising operating expenses.
Stanford thinks that Mylan's (NYSE: MYL) European generics business, supplemented by its U.S. generics business, puts the company in good position to report above-average sales and earnings growth. The firm started shares with a Buy rating and $16 target and thinks the company's valuation is attractive.
Smart Balance (NASDAQ: SMBL) was initiated at Lazard Capital with a Buy rating and $9 target.
Power Integrations (NASDAQ: POWI) was started with a Market Weight rating and $26 target at Thomas Weisel.
CBS Corp (NYSE: CBS) was assumed with a Neutral rating and $15.50 target at UBS.