Analyst calls: BWLD, SNY, NYT, STP, ERIC, RTP, KTOS, ZGEN

Analyst upgrades:

Jefferies upgraded Buffalo Wild Wings (NASDAQ: BWLD) to Buy from Hold on valuation with the stock down 65% in two months as they believe the company has a "best-in-class fundamental story." The firm lowered its target to $25 from $30.
Morgan Stanley upgraded Sanofi-Aventis (NYSE: SNY) to Overweight from Equal Weight on valuation and believes near-term cost reductions could provide a positive catalyst.
Citigroup upgraded New York Times (NYSE: NYT) to Hold from Sell and lowered its target to $5.50 from $7 on valuation and believes the dividend cut will boost the company's liquidity.
Pantry (NASDAQL PTRY) was upgraded to Outperform from Market Perform at Friedman Billings.
LECG Corp (NASDAQ: XPRT) was raised to Buy from Neutral at UBS.
Thomson Reuters (NYSE: TRI) was upgraded at RBC Capital to Outperform from Sector Perform.

Analyst downgrades:

Jefferies downgraded Suntech (NYSE: STP) to Hold from Buy and lowered its target to $6 from $25 as they believe concerns about a convert refinancing in February 2010 will continue to weigh on the stock.
Credit Suisse cut Ericsson (NASDAQ: ERIC) to Underperform from Outperform due to expectations for a decline in wireless infrastructure spending.
ING downgraded shares of Rio Tinto (NYSE: RTP) to Hold from Buy as they believe it will be challenging for the company to execute asset sales planned at reducing debt in the current environment.

hotma (NYSE: NFS) was lowered to Neutral from Buy at UBS.
Linear Tech (NASDAQ: LLTC) and Maxim (NASDAQ: MXIM) were downgraded to Underperform from Market Perform at Friedman Billings.

Analyst initiations:

B. Riley believes Kratos Defense (NASDAQ: KTOS) will ultimately be acquired by a larger defense platform provider. Shares were initiated with a Buy rating and $2.64 target.
Banc of America assumed coverage of Zymogenetics (NASDAQ: ZGEN) with a Neutral rating and $3 target. The firm is concerned by the company's cash position.
Goldman resumed coverage of Motorola (NYSE: MOT) with a Neutral rating.
Chimera Investment (NYSE: CIM) was started with a Buy rating and $3 target at Merrill Lynch.
Pharmasset (NASDAQ: VRUS) was assumed with an Equal Weight rating at Morgan Stanley.