Analyst upgrades, downgrades and initiations: T, FSLR, CEPH, CB ...

Analyst upgrades:

Banc of America/Merrill upgraded DPL Inc (NYSE: DPL) to Neutral from Underperform following the settlement agreement with staff of the Public Utilities Commission of Ohio on Electric Security Plan.
Friedman Billings upgraded SeaBright Insurance (NYSE: SBX) to Outperform from Market Perform on valuation as they believe shares are oversold at current levels. Despite upgrading, the firm lowered its target price to $14 from $16.
JP Morgan upgraded AT&T (T) to Overweight from Neutral as it believes upside earnings revisions are likely in 2009 due to the company's conservative wireline margin outlook. The firm finds the stock's valuation attractive at current levels and raised their target on shares to $28 from $24.
Chubb (NYSE: CB) was upgraded to buy from Neutral at UBS.
Cascal B.V. (NYSE: HOO) was raised to Outperform from Neutral at Credit Suisse.
Healthcare Realty Trust (NYSE: HR) was upgraded at Keefe Bruyette to Outperform from Market Perform.

Analyst downgrades:

Friedman Billings downgraded Marsh & McLennan (NYSE: MMC) to Underperform from Market Perform as it believes the company's non-insurance brokerage segments could be negatively affected by the economic slowdown. The firm lowered its target price to $15.50 from $20.
Deutsche Bank downgraded Eclipsys (NASDAQ: ECLP) to Hold from Buy to reflect the company's FY09 guidance and the uncertainty surrounding the potential spending environment. The firm lowered its price target to $9.
Kaufman Bros. downgraded First Solar (NASDAQ: FSLR) following the company's Q4 results as they believe FSLR is facing the same issues that other solar panel makers are, making it unlikely to maintain a premium price multiple. The firm lowered their target price to $86 from $114.
Astec (NASDAQ: ASTE) was lowered to Sell from Neutral at Piper Jaffray.
Red Lion (NYSE: RLH) was downgraded at JMP Securities to Market Perform from Outperform.
FCStone (NASDAQ: FCSX) was cut to Market Perform from Outperform at William Blair.

Analyst initiations:

Benckmark Co. initiated Art Technology (NASDAQ: ARTG) with a Buy rating and $3 target. The firm believes the company's industrial-strength solutions are a good fit for large organizations with complex merchandising requirements and thinks ARTG is an attractive acquisition candidate given its market leadership in e-commerce.
Credit Suisse initiated Cephalon (NASDAQ: CEPH) and Watson Pharma (NYSE: WPI) with Neutral ratings and a $77 target and $32 target, respectively, and Mylan (NASDAQ: MYL) and Allergan (NYSE: AGN) with Outperform ratings and a $16 target and $48 target, respectively.
Chubb (NYSE: CB) was started at RBC Capital with an Outperform rating and $52 target.
General Dynamics (NYSE: GD) was assumed with a Hold rating at Collins Stewart.