Analyst calls: RIMM, NYX, NDAQ, PMCS, DENN, DAI . . .

Analyst upgrades:

Jefferies upgraded shares of Constellation Energy (NYSE: CEG) to Buy from Hold and raised its target to $26.50 from $25 on valuation as they believe MidAmerican Energy will consummate the merger. The firm points out shares are trading at a 14% discount to the $26.50 offer.
Merriman upgraded Denny's Corp. (NASDAQ: DENN) to Buy from Neutral as they believe the company's restructuring and successful menu and food cost management should stabilize operating margins.
Daimler (NYSE: DAI) was upgraded at Merrill to Buy from Neutral on valuation as they believe the stock is oversold at current levels.
Taiwan Semi (NYSE: TSM) was upgraded to Overweight from Neutral at HSBC.
Veolia Environnement (NYSE: VE) was lifted to Neutral from Underperform at Credit Suisse.
Goldman raised PMC Sierra (NASDAQ: PMCS) to Buy from Neutral.

Analyst downgrades:

Jefferies downgraded shares of Dominion Resources (NYSE: D) to Underperform from Hold and lowered its target to $30 from $43.50 based on the company's growing need to issue equity as they believe Dominion will face a growing funding gap from reduced asset sales and lower cash contributions from its commodity businesses.
Piper cut Zymogenetics (NASDAQ: ZGEN) to Neutral from Buy and lowered its target to $4 from $14 to reflect the slower-than-expected launch of RecoThrom.
Friedman Billings downgraded Aeropostale (NYSE: ARO) to Market Perform from Outperform as they believe macro challenges and tougher compares will limit upside. The firm recommends selling into strength and lowered their target to $28 from $32.
Goldman cut Altera (NASDAQ: ALTR) to Sell from Neutral at Xilinx (NASDAQ: XLNX) to Neutral from Buy.
Andersons (NASDAQ: ANDE) was downgraded to Equal Weight from Overweight at Stephens.
LodgeNet (NASDAQ: LNET) was lowered to Neutral from Buy at B. Riley.

Analyst initiations:

Merrill initiated Apollo Investment (NASDAQ: AINV) with a Buy rating and $12 target. The firm is positive on the company's low debt levels vs. other business development companies.
Pharmasset (NASDAQ: VRUS) was assumed with an Outperform rating at Cowen. The firm is positive on Pharmasset's valuation based on prospects for its HCV nucleoside polymerase inhibitor, R7128.
Morgan Stanley initiated NYSE Euronext (NYSE: NYX) with an Underweight rating and $21 target and Nasdaq (NASDAQ: NDAQ) with an Equal Weight rating.
Research in Motion (NASDAQ: RIMM) was started at BMO Capital with a Market Perform rating.