Analyst calls: PEP, FIG, PUK, BEN, ASML, X, RDS.A, CHU, SVR ...

Analyst upgrades:

PepsiCo (NYSE: PEP) was upgraded to Buy from Hold at Deutsche Bank.
Fortress (NYSE: FIG) was upgraded at Citigroup to Hold from Sell.
Prudential (NYSE: PUK) was lifted to Overweight from Neutral at JP Morgan.
Keefe Bruyette upgraded Franklin Resources (NYSE: BEN) to Outperform from Market Perform and added shares to their Best Ideas List on valuation as they see an attractive risk/reward at current levels.
UBS upgraded ASML Holding (NASDAQ: ASML) to Buy from Neutral on valuation as they believe the company remains a market leader.
Oppenheimer raised Seattle Genetics (NASDAQ: SGEN) to Outperform from Perform on valuation following the recent weakness as they expect positive clinical news flow beginning in December.

Analyst downgrades:

UBS downgraded U.S. Steel (NYSE: X) to Sell from Buy and lowered its target to $30 from $60 citing deteriorating U.S. conditions and concerns about the company's high fixed costs in a falling steel price environment.
Royal Dutch Shell (NYSE: RDS.A) was downgraded to Underperform from Neutral at Credit Suisse.
China Unicom (NYSE: CHU) was lowered to Underweight from Neutral at JP Morgan.

Merriman downgraded Rick's Cabaret (NASDAQ: RICK) to Neutral from Buy to reflect the tough economic environment, potential weakness in Las Vegas and potential delays in acquisitions.
B. Riley cut Cache (NASDAQ: CACH) to Neutral from Buy and lowered its target to $3.40 from $11 on concerns that comp declines have accelerated in October and will not get better for the holiday season.
Old Second Bancorp (NASDAQ: OSBC) was cut to Underperform from Market Perform at Keefe Bruyette.

Analyst initiations:

B. Riley initiated EnerSys (NYSE: ENS) with a Buy rating and $16.50 target. The firm believes the company's core business is gaining strength due to product innovation and continued expansion into new commercial and renewable energy applications.
Oppenheimer believes Syniverse (NYSE: SVR) is well positioned with rising mobile services penetration given its leverage to roaming and data. Shares were assumed with an Outperform rating and $19 target.
MAG Silver (AMEX: MVG) and Northern Dynasty (AMEX: NAK) were initiated with Speculative Buy ratings at Canaccord.