Analyst calls: ING, WFC, DLTR, JBL, AMLN, ECL, KO, IACI, FFIV ...

Analyst upgrades:

Keefe Bruyette upgraded shares of ING Group (NYSE: ING) to Outperform from Market Perform after upgrading the European insurance sector to Overweight from Neutral due to improved risk management.
Keefe Bruyette also upgraded Wells Fargo (NYSE: WFC) to Market Perform from Underperform to reflect the company's national footprint if the Wachovia (NYSE: WB) deal goes through.
JP Morgan upgraded Dollar Tree (NASDAQ: DLTR) to Overweight from Neutral citing top line performance, growth profile and valuation, among other reasons.
Jabil Circuit (NYSE: JBL) was upgraded to Outperform from Neutral at Credit Suisse.
Amylin Pharma (NASDAQ: AMLN) was raised to Hold from Sell at Citigroup.
Louisiana Pacific (NYSE: LPX) was upgraded at RBC Capital to Sector Perform from Underperform.

Analyst downgrades:

Jefferies downgraded shares of Ecolab (NYSE: ECL) to Hold from Buy and lowered its target to $50 from $55 to reflect risks to the company's earnings outlook from the weakening economy.
Coca-Cola (NYSE: KO) was cut to Hold from Buy at Deutsche Bank as they believe the economic slowdown will bring slower volumes. Coca-Cola's target was lowered to $56 from $64.

Baird downgraded Heidrick & Struggles (NASDAQ: HSII) to Underperform from Neutral citing the impact from the financial markets turmoil and global macro softening. The company's target was lowered to $23 from $34.
Lonmin Plc (OTC: LNMIY) was downgraded to Underperform from Buy at Merrill Lynch.
Harris Interactive (NASDAQ: HPOL) was cut to Equal Weight from Overweight at Stephens.
Lukoil (OTC: LUKOY) was lowered to Neutral from Outperform at Credit Suisse.

Analyst initiations:

Oppeinheimer initiated BTU International (NASDAQ: BTUI) with a Perform rating. The firm prefers to wait on the sidelines due to macro concerns.
City National (NYSE: CYN) was initiated at JP Morgan with a Neutral rating, as they believe the valuation is full at current levels.
UBS initiated AK Steel (NYSE: AKS) with a Neutral rating.
F5 Networks (NASDAQ: FFIV) and InterActiveCorp (NASDAQ: IACI) were assumed at Lehman with Overweight ratings.
Greenhill & Co (NYSE: GHL) was initiated with a Neutral rating and $80 target at Credit Suisse.