Analyst calls: RBC, BDK, KR, LEN, KR, CPB, MTL, LM, PIR, AAPL, AVP ...

Analyst upgrades:

Baird upgraded Regal-Beloit (NYSE: RBC) to Outperform from Neutral based on valuation and growth expectations.
Black & Decker (NYSE: BDK) and Lennar (NYSE: LEN) were upgraded to Buy from Neutral at UBS based on valuation.
Kroger (NYSE: KR) and Public Storage (NYSE: PSA) were added to Goldman's Conviction Buy List.
CIBC upgraded Biovail (NYSE: BVF) to Sector Performer from Sector Underperformer.
Abercrombie & Fitch (NYSE: ANF) was raised to Neutral from Underperform at Cowen.

Analyst downgrades:

Merrill downgraded Campbell Soup (NYSE: CPB) to Neutral from Buy and expects marketing and promotional spending to limit earnings growth in 2009 and 2010. The firm lowered their target to $35 from $42.
Mechel Steel (NYSE: MTL) was cut to Underweight from Equal Weight at Morgan Stanley to reflect declining coal demand.
Friedman Billings downgraded shares of Legg Mason (NYSE: LM) to Underperform from Market Perform on liquidity concerns given the Legg Mason's leveraged balance sheet and falling EBITDA. The firm lowered their target to $7 from $11.

Titan International (NYSE: TWI) was lowered to Perform from Outperform at Oppenheimer.
UBS downgraded Pier 1 Imports (NYSE: PIR) to Neutral from Buy.
Ulta Salon (NASDAQ: ULTA) was cut to Neutral from Outperform at Baird.

Analyst initiations:

Kaufman Bros. initiated Apple (NASDAQ: AAPL) with a Buy rating and $120 target. The firm sees "sizeable growth" in Apple's Mac and iPhone businesses.
Avon Products (NYSE: AVP) was assumed with a Buy rating and $29 target at Jefferies, a they believe Avon's direct selling model and geographic diversity position the company well in this uncertain economic environment.
Oppenheimer views Euroseas (NASDAQ: ESEA) as one of the safest plays in the dry-bulk space due to its low leverage and high dividend yield. The firm initiated shares with an Outperform rating and lowered their target to $6 from $19.
Motorola (NYSE: MOT) was initiated at JP Morgan with a Neutral rating.
Societe Generale started American Water Works (NYSE: AWK) with a Buy rating.
Blackstone Group (NYSE: BX) was assumed with a Neutral rating and $7 target at Goldman.