Analyst calls: XOM, PHG, THC, BSX, CCI, ALD . . .

Analyst upgrades:

Barclays upgraded the Integrated Oil sector to Positive from Neutral citing valuations. Note that Exxon Mobil (NYSE: XOM) was upgraded to Overweight from Equal Weight based on valuation.
After Force Protection (NASDAQ: FRPT) reported that its 1H08 sales increased more than 200%, Stanford thinks that Force Protection could be poised for several new opportunities in 2009 and they believe the company's risk is already priced into the stock; the firm raised Force Protection to Hold from Sell.
Cowen expects eHealth (NASDAQ: EHTH) to benefit from the steady decline in employer-sponsored health insurance offered by small businesses and reduced regulatory risk, among other reasons. The firm upgraded shares to Outperform from Neutral.
Allied Capital (NYSE: ALD) was upgraded to Market Perform from Underperform at BMO Capital.
Caris upgraded Carmike Cinemas (NASDAQ: CKEC) to Above Average from Average.
International Flavors & Fragrances (NYSE: IFF) was upgraded to Neutral from Underweight at JP Morgan.

Analyst downgrades:

Morgan Stanley downgraded shares of Philips Electronics (NYSE: PHG) to Underweight from Equal Weight on expectations for disappointing results in the second half of 2009.
UBS downgraded Community Health Systems (NYSE: CYH) and Universal Health Services (NYSE: UHS) to Neutral from Buy and Tenet Healthcare (NYSE: THC) to Sell from Neutral citing the deteriorating economic environment and difficult 2009 comps. The firm lowered Community Health's target to $32 from $42, Universal Health's target to $59 from $70, and Tenet's target to $5 from $6.50.
Wachovia cut Ruth's Hospitality (NASDAQ: RUTH) to Market Perform from Outperform citing weakening consumer spending trends.
Boston Scientific (NYSE: BSX) was lowered to Underperform from Neutral at Merrill Lynch.
Crown Castle (NYSE: CCI) was removed from Goldman's Conviction Buy List.
Network Engines (NASDAQ: NENG) was downgraded at Cantor to Hold from Buy.

Analyst initiations:

Deutsche Bank initiated STMicroelectronics (NYSE: STM) with a Hold rating, citing the slowing macro environment and the potential for share losses.
Roth Capital believes Peer Manufacturing (NASDAQ: PMFG) benefits from higher energy costs that drive increased production of natural gas and lower energy costs that encourage additional use of gas in generating electricity. Shares were initiated with a Buy rating and $18 target.
Synchronoss (NASDAQ: SNCR) was assumed at Baird with a Neutral rating and $11 target on valuation.
Thomas Wiesel initiated Dolby Laboratories (NYSE: DLB) with an Overweight rating and $42 target.
Osiris Therapeutics (NASDAQ: OSIR) was initiated with an Outperform rating and $25 target at JMP Securities.
Rigel Pharmaceuticals (NASDAQ: RIGL) was initiated with a Buy rating and $35 target at Piper.