Analyst upgrades, downgrades and initiations: NILE, XOM, MT, NFLX ...

Analyst upgrades:

Citigroup upgraded Blue Nile (NASDAQ: NILE) shares to Buy from Hold on valuation following the recent sell-off as they believe weakening fundamentals have been factored into estimates and that Blue Nile should benefit from the recent softening of diamond prices. The firm raised its target price to $30 from $20.
Baird upgraded AmSurg (NASDAQ: AMSG) to Outperform from Neutral based on valuation, potential upside from in-line results, good visibility, and FCF yield.
Oppenheimer upgraded DryShips (NASDAQ: DRYS) to Perform from Underperform on valuation following the recent weakness and believes the company is at least halfway through its $500M equity offering.
UAL Corp (NASDAQ: UAUA) was raised to Buy from Neutral at Banc of America/Merrill.
Mylan (NASDAQ: MYL) was upgraded to Overweight from Equal Weight at Barclays.
Exxon Mobil (NYSE: XOM) was lifted at Deutsche Bank to Buy from Hold.

Analyst downgrades:

Jefferies downgraded HMS Holdings (NASDAQ: HMSY) to Hold from Buy on valuation following the recent rally. Despite downgrading, the firm raised their target price to $36 from $32.50.
UBS downgraded shares of Arcelor Mittal (NYSE: MT) to Neutral from Buy as it believes the recent increase in the global production of steel is too fast.
Citigroup downgraded Marshall & Ilsley (NYSE: MI) to Hold from Buy as it believes the economic uncertainty creates risk to its loss expectations for the company. Citigroup lowered its target price to $4.50 from $12.
Barrick Gold (NYSE: ABX) was cut to Sector Perform from Outperform at RBC Capital.
Alcon (NYSE: ACL) was downgraded to Market Perform from Outperform at Wachovia.
Estee Lauder (NYSE: EL) was added to Goldman's Conviction Sell List.

Analyst initiations:

Netflix (NASDAQ: NFLX) was initiated with an Underperform rating at Banc of America/Merrill.
Royal Dutch Shell (NYSE: RDS.A) was initiated at Barclays with an Underweight rating.
Varian Semi (NASDAQ: VSEA) was started with a Neutral rating and $19 target at Goldman.
Morgan Stanley assumed coverage of Regal Entertainment (NYSE: RGC) with an Equal Weight rating.
Columbus McKinnon (NASDAQ: CMCO) was started at B. Riley with a Buy rating and $15 target.