Analyst upgrades, downgrades and initiations: ADBE, PFE, WYE, BHP

Analyst upgrades:

Jefferies upgraded NeuStar (NYSE:NSR) to Hold from Underperform on valuation following the recent weakness and raised their target price to $15 from $12.
Oppenheimer upgraded Adobe Systems (NASDAQ:ADBE) to Outperform from Perform on valuation as they believe the recent pullback has created an attractive entry point into the name. The firm has a $27 target on the stock.
UBS upgraded Pfizer (NYSE:PFE) and Wyeth (NYSE:WYE) to Buy from Neutral based on valuations. Pfizer's price target remains $18 and Wyeth's was raised to $50 from $38.
Methanex (NASDAQ:MEOH) was upgraded to Sector Outperformer from Sector Performer at CIBC.
BHP Billiton (NYSE:BHP) was raised to Buy from Hold at RBS.
Anadys Pharma (NASDAQ:ANDS) was upgraded to Buy from Neutral at Piper Jaffray.

Jefferies downgraded shares of Overseas Shipholding (NASDAQ:OSG) to Underperform from Hold on expectations that crude oil tanker charter rates will decline significantly in 2009. The firm lowered their target price to $24 from $40.
Keefe Bruyette downgraded Torchmark (NYSE:TMK) to Market Perform from Outperform to reflect risks with the company's capital and liquidity exposures. The firm has a $35 target on the stock.
Citigroup cut Lennar (NYSE:LEN) to Hold from Buy on valuation following the recent rally as they find the risk/reward balanced at current levels. The firm has an $11 target on the stock.
Hibbett Sports (NASDAQ:HIBB) was lowered to Underweight from Overweight at JP Morgan.
Resmed (NYSE:RMD) was downgraded to Neutral from Underweight at JP Morgan and to Sell from Hold at Citigroup.
Swiss Reinsurance (Other OTC:SWCEY) was downgraded at ING Group to Sell from Hold.

Analyst initiations:

Auriga initiated Cerner (NASDAQ:CERN) with a Buy rating and $45 target. The firm believes the company is positioned to benefit from hospitals' implementation of information technology to improve patient safety.
Leerink started Alexion Pharma (NASDAQ:ALXN) with an Outperform rating and $48 target and expects long-term growth of Soliris in paroxysmal nocturnal hemoglobinuria.
LDK SOlar (NYSE:LDK) and China Sunergy (NASDAQ:CSUN) were initiated with Equal Weight ratings at Barclays.

Tags: adbe, alxn, ands, bhp, csun, cwen, hibb, ldk, len, meoh, nsr, osg, pfe, rmd, swcey, tmk, wye

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