Analyst upgrades, downgrades and initiations: SPF, HON, DOW, AEO

Analyst upgrades:

Standard Pacific(NYSE:SPF) was upgraded to Buy from Neutral at UBS on valuation. The firm lowered its target to $3 from $3.25.

Analyst downgrades:

UBS downgraded FPL Group (NYSE:FPL) to Neutral from Buy on valuation and raised its target to $50 from $48.
Citigroup downgraded Charter Comm (NASDAQ:CHTR) to Sell from Buy to reflect Charter's increasing probability of financial distress. The firm lowered its target to 5c from $1.
B. Riley downgraded UCBH Holdings (NASDAQ:UCBH) to Neutral from Buy on valuation.
Dow Chemical NYSE:DOW) was cut to Equal Weight from Overweight at Barclays.
Honeywell (NYSE:HON) was lowered to Hold from Buy at Argus.
Brean Murray downgraded California Water Service (NYSE:CWT) to Hold from Buy.

Analyst initiations:

Standpoint Research believes Jacobs Engineering's (NYSE:JEC) relationship-based business model differentiates it from peers. The firm initiated shares with a Buy rating and has a 3-5 year price target of $70-$80.
Pali thinks American Eagle's (NYSE:AEO) spring product line is improved and that shares already price in weak 2009 results. Shares were assumed with a Buy rating and $13 target.
B. Riley started Watsco (NYSE:WSO) with a Neutral rating and $40 target and believes shares are close to fair valuation.

Tags: aeo, analyst downgrade, analyst initiations, analyst upgrades, AnalystDowngrade, AnalystInitiations, AnalystUpgrades, chtr, cwt, dow, fpl, hon, jec, spf, ucbh, wso