Analyst upgrades, downgrades and initiations: TYC, STT, PNFP ...

Analyst upgrades:

Citigroup upgraded Tyco (NYSE: TYC) shares to Buy from Hold on valuation as they believe the recent weakness has created an attractive entry point. The firm lowered its target price to $25 from $26.
Deutsche Bank raised SAP (NYSE: SAP) to Buy from Hold on valuation as it finds the risk/reward attractive at current levels.
Oppenheimer upgraded Onlin Corp (NYSE: OLN) to Outperform from Perform on valuation as it sees strong support at $10 and potential upside to $20. The firm has a $20 target on the stock.
JP Morgan (NYSE: JPM) and Blackstone (NYSE: BX) were upgraded to Outperform from Market Perform at Keefe Bruyette.
Adobe (NASDAQ: ADBE) was raised to Neutral from Sell at UBS.
Goldman added AT&T (NYSE: T) to the Conviction Buy List.

Analyst downgrades:

Goldman downgraded State Street (NYSE: STT) to Neutral from Buy citing earnings headwinds.
Goldman also downgraded HealthSpring (NYSE: HS) to Neutral from Buy and lowered its target to $10 from $18 citing negative sentiment towards the Medicare Advantage program.
Baird downgraded Woodward Governor (NASDAQ: WGOV) to Neutral from Outperform and lowered its target to $19 from $27 citing lowered estimates and the acquisition of HR Textron.
Buenaventura (NYSE: BVN) was cut to Neutral from Overweight at JP Morgan.
Turkcell (NYSE: TKC) was lowered to Neutral from Overweight at HSBC.
Wachovia downgraded the Offshore IT/BPO sector to Underweight from Market Weight.