Analyst upgrades, downgrades and initiations: RHHBY, MOT, RBS, DKS, MCO ...

Analyst upgrades:

ING upgraded Roche (OTC: RHHBY) to Buy from Hold as it believes Roche will not pay more than $100/share for Genentech (NYSE: DNA) and that the Avastin adjuvant data due April 2009 provides significant upside potential.
Oppenheimer upgraded Motorola (NYSE: MOT) to Outperform from Perform on valuation as it believes sentiment is at an all-time low and the stock has limited downside. The firm set a $5 target on shares.
Morgan Stanley upgraded Comerica (NYSE: CMA) to Equal Weight from Underweight citing valuation that adequately reflects credit deterioration in its commercial-heavy loan portfolio and aggressive government action.
Cheesecake Factory (NASDAQ: CAKE) and Nucor (NYSE: NUE) were upgraded to Buy from Neutral at Goldman.
Pinnacle Entertainment (NYSE: PNK) was raised to Overweight from Equal Weight at Barclays.

Analyst downgrades:

KeyBanc downgraded Autodesk (NASDAQ: ADSK) to Underweight from Hold following weak channel checks. The firm adds that continued headcount reductions in the architecture and construction verticals create meaningful risk for Autodesk.
Citigroup cut Royal Bank of Scotland (NYSE: RBS) to Hold from Buy to reflect the costs of the company's insurance deal with the British government.
Morgan Stanley downgraded Cullen/Frost (NYSE: CFR) to Underweight from Equal Weight citing deterioration in the Texas economy and potentially higher credit costs.
P.F. Chang's (NASDAQ: PFCB) and Avon Products (NYSE: AVP) were lowered to Sell from Neutral at Goldman.
Phillips-Van Heusen (NYSE: PVH) and Dick's Sporting (NYSE: DKS) were downgraded at Piper Jaffray to Neutral from Buy.

Analyst initiations:

Friedman Billings reinitiated PNC Financial (NYSE: PNC) with an Underperform rating and $18 target as it believes no large U.S. bank should trade above its tangible book value in the current environment. The firm points out PNC's tangible book value is $18.74.
Piper Jaffray initiated Thomson Reuters (NYSE: TRI), Moody's (NYSE: MCO) and RiskMetrics (NYSE: RMG) with Neutral ratings and McGraw-Hill (NYSE: MHP) with a Buy rating.
Flowserve (NYSE: FLS) was initiated at BB T with a Buy rating and $63 target.
Perrigo (NASDAQ: PRGO) was started with an Overweight rating and $28 target at Morgan Stanley.
Chattem (NASDAQ: CHTT) was initiated with a Neutral rating and $67 target at Goldman.