Analyst upgrades, downgrades and initiations: SUN, DAI, BDX, ITRN ...

Analyst upgrades:

Barclays upgraded Spectra Energy (NYSE: SE) to Overweight from Equal Weight. The firm believes Spectra's valuation is attractive and that the dividend is secure.
Soleil upgraded Sunoco (NYSE: SUN) to Buy from Hold on valuation following the recent pullback and maintains a $45 target on the stock.
Friedman Billings upgraded O'Reilly Automotive (NASDAQ: ORLY) to Outperform from Underperform on valuation and the company's better than expected sales and earnings acceleration. The firm has a $38 target on the stock.
Royal Caribbean (NYSE: RCL) was removed from Goldman's Conviction Sell List.
Intercontinental Hotels (NYSE: IHG) was raised to Buy from Hold at Jefferies.
Valspar (NYSE: VAL) was lifted to Neutral from Underweight at JP Morgan.

Analyst downgrades:

Bernstein downgraded shares of Daimler AG (NYSE: DAI) to Market Perform from Outperform as it believes political and strategic pressures could force DAI into a deal with GM's (GM) European business Opel, which could pressure the stock in the near-term.
Jesup & Lamont downgraded Ducommun (NYSE: DCO) to Hold from Buy following the company's Q4 results as it believes the company's end markets will remain under pressure for the next few years.
Friedman Billings cut Southwestern Energy (NYSE: SWN) to Market Perform from Outperform on valuation and downside risk to the company's 2009 production growth. The firm lowered their target price to $35 from $40.
Goldman added Carnival (NYSE: CCL) and Duke Realty (NYSE: DRE) to the Conviction Sell List.
Ituran (NASDAQ: ITRN) was lowered to Neutral from Buy at UBS.
Allscripts (NASDAQ: MDRX) was downgraded at Deutsche Bank to Sell from Hold.

Analyst initiations:

SunTrust believes Viasat (NASDAQ: VSAT) will be a key beneficiary of growth in satellite demand. The firm started shares with a Buy rating and $29 target.
Collins Stewart is positive on Becton Dickinson's (NYSE: BDX) strong cash flow and stable revenues. Shares were initiated with a Buy rating.
Lazard Capital assumed True Religion (NASDAQ: TRLG) with a Buy rating. The firm believes there is a disconnect between the company' fundamentals, which the firm thinks are intact, and the stock price. It sees compelling near and long-term opportunity in the stock and has a $20 target on shares.
Nike (NYSE: NKE) was assumed with a Neutral rating and $48 target at Goldman.
Nabors Industries (NYSE: NBR) was initiated at UBS with a Neutral rating and $10 target.
Hansen Medical (NASDAQ: HNSN) was initiated with a Market Perform rating at JMP Securities.