Analyst calls: AAPL, NCC, NT, TLAB, TTWO, TSCM, HOT, CHK ...

Analyst upgrades:

Oppenheimer upgraded shares of National City (NYSE: NCC) to Outperform from Perform on valuation as they believe the bank is not seeing a mass exodus of depositors.
Wachovia upgraded Brookfield Infrastructure (NYSE: BIP) to Outperform from Market Perform due to what the firm sees as the company's solid cash flow growth outlook, strong balance sheet, and discounted valuation.
Baird upgraded Tellabs (NASDAQ: TLAB) to Outperform from Neutral citing valuation and improving 2009 prospects from 8800, 8600, and 7100 products and better Opex management..
Take-Two (NASDAQ: TTWO) was upgraded to Outperform from Neutral at Cowen.
UBS raised Nortel Networks (NYSE: NT) to Buy from Neutral.
Borg-Warner (NYSE: BWA) was raised to Buy from Hold at Keybanc.

Analyst downgrades:

Merriman downgraded shares of TheStreet.com (NASDAQ: TSCM) and Bankrate (NASDAQ: RATE) to Neutral from Buy to reflect concerns about display advertising trends and the company's above average exposure to the financial vertical.
Baird downgraded Monaco Coach (NYSE: MNC) to Neutral from Outperform and Thor Industries (NYSE: THO) and Winnebago Industries (NYSE: WGO) to Underperform from Neutral citing valuations and checks that indicate "dreadful" fundamentals.
RBC Capital downgraded Apple (NASDAQ: AAPL) to Sector Perform from Outperform citing weakening consumer spending, reduced visibility, and risks to valuation. The company's target was lowered to $140 from $200.

Starwood Hotels (NYSE: HOT), Host Hotels (NYSE: HST) and Sunstone Hotel Investors (NYSE: SHO) were cut to Hold from Buy at Citigroup.
Arch Capital (NASDAQ: ACGL) was downgraded to Neutral from Overweight at JP Morgan.

Analyst initiations:

B. Riley believes The Bancorp Bank (NASDAQ: TBBK) has generated "exceptional" balance sheet growth. Shares were initiated with a Buy rating and $8 target.
Oppenheimer thinks the China Mass Media's (NYSE: CMM) valuation is extremely attractive and the firm thinks the stock is a play on China's rapidly expanding advertising market. The firm assumed shares with an Outperform rating and $8.50 target.
Collins Stewart started Hologic (NASDAQ: HOLX) with a Hold rating. The firm expects revenue growth to begin to slow and thinks new product investments will limit leverage to the model.
Alberto-Culver (NYSE: ACV) was assumed with a Buy rating and $30 target at Goldman Sachs.
Merrill initiated Chesapeake (NYSE: CHK) with a Buy rating.