Analyst upgrades, downgrades and initiations: HOT, GOOG, WPI, LYG ...

Analyst upgrades:

Baird upgraded Starwood Hotels (NYSE: HOT), Host Hotels (NYSE: HST) and Marriott (NYSE: MAR) to Outperform from Neutral based on valuation and indications that negative sentiment has reached a bottom.
Citigroup upgraded Torchmark (NYSE: TMK) to Buy from Hold as they find the valuation attractive and think management can grow earnings and book value in 2009/2010. Despite upgrading, the firm lowered their target price to $37 from $45.
ASM International (NASDAQ: ASMI) was added to Goldman's Conviction Buy List.
Credit Suisse (NYSE: CS) was raised to Overweight from Equal Weight at Morgan Stanley.
Live Nation (NYSE: LYV) was upgraded at Natixis to Buy from Hold.

Analyst downgrades:

Goldman downgraded Dreamworks (NYSE: DWA) to Neutral from Buy and lowered its target to $25 from $35 citing high expectations for "Monsters vs. Aliens" and DVD market softness.
Citigroup downgraded Lloyds TSB Group (NYSE: LYG) to Hold from Buy as it believes the company may need to raise additional capital to cover higher loan losses.
ThinkEquity downgraded Google (NASDAQ: GOOG) to Source of Funds from Accumulate and lowered its target to $300 from $350. The firm does not believe a 2H09 recovery will materialize and that paid clicks and CPCs have deteriorated further in the first half of Q1.
Daimler (NYSE: DAI) was downgraded to Sell from Neutral at UBS.
Deutsche Bank cut China Mobile (NYSE: CHL) to Hold from Buy.
FARO Tech (NASDAQ: FARO) was lowered to Underperform from Neutral at Baird.

Analyst initiations:

Citigroup initiated Watson Pharmaceuticals (NYSE: WPI) with a Hold rating and $34 target and believes the company's sustainable long-term growth is dependent on its branded launches.
Oppenheimer believes Calgon Carbon (NYSE: CCC) has a commanding lead in its market and it thinks the stock is at an inflection point due to strong demand for coal in emerging markets. The firm started shares with an Outperform rating and $19 target.
Leerink assumed coverage of Map Pharmaceuticals (NASDAQ: MAPP) with an Outperform rating and $17 target. The firm believes the company's two late-stage programs address significant market opportunities in asthma and migraine.
Suntech (NYSE: STP) was initiated with a Sell rating at Gabelli.