Analyst upgrades, downgrades and initiations: CHK, AEO, RBS, COF ...

Analyst upgrades:

Morgan Stanley upgraded Chesapeake Energy (NYSE: CHK) to Overweight from Equal Weight as they expect the company to benefit from higher natural gas prices in 2010. The firm has a $34 target on shares.
Citigroup upgraded Energy Conversion (NASDAQ: ENER) to Hold from Sell on valuation is it finds the risk/reward balanced at current levels. The firm raised its target price to $16 from $13.
Jefferies upgraded Lifetime Brands (NASDAQ: LCUT) to Buy from Underperform to reflect reduced liquidity concerns and an improved outlook for Global Direct Sellers. The firm raised its target price to $4 from $2.
American Eagle (NYSE: AEO) was upgraded to Overweight from Equal Weight at Barclays.
TJX Companies (NYSE: TJX) was upgraded at Barclays to Overweight from Equal Weight and to Outperform from Netural at Credit Suisse.
STEC Inc (NASDAQ: STEC) was raised to Overweight from Market Weight at Thomas Weisel.

Analyst downgrades:

Deutsche Bank downgraded International Paper (NYSE: IP) and Temple-Inland (NYSE: TIN) to Hold from Buy to reflect valuation and near-term pricing risk. The firm has a $16 target on International paper and an $11 target on Temple-Inland.
Piper Jaffray downgraded Physicians Formula (NASDAQ: FACE) to Sell from Neutral after the company said one of its largest retailer customers decided to discontinue selling Physicians Formula products in 2010. The firm lowered its target price to $1 from $3.
FBR Capital downgraded Taiwan Semi (NYSE: TSM) to Market Perform from Outperform to reflect a lack of visibility into 2010 and valuation. The firm has a $12 target on the stock.
Royal Bank of Scotland (NYSE: RBS) was cut to Underperform from Neutral at Credit Suisse.
Janus Capital (NYSE: JNS) was lowered to Sell from Neutral at Goldman.
LSB Industries (NYSE: LXU) was downgraded at Roth Capital to Hold from Buy.

Analyst initiations:

Merriman believes Starpharma (OTC: SPHRY) shares could trade closer to $4-$5 in the next 12 months given the market potential of VivaGel, its prevention of HIV and HSV-2 transmission. Shares were initiated with a Buy rating.
Jefferies believes the pending CareFusion spin-off should unlock value for Cardinal Health (NYSE: CAH). The firm started shares with a Buy rating and $45 price target.
Brocade (NASDAQ: BRCD) was initiated with an Outperform rating by Bernstein. The firm believes that Brocade could become an acquisition target, and it thinks that HP (HPQ) and IBM (IBM) are promoting Brocade's storage switches over those of Cisco (CSCO).
Newell Rubbermaid (NYSE: NWL) was initiated at Barclays with an Overweight rating and $15 target.
Capital One (NYSE: COF) was started with a Sector Perform rating and $20 target at RBC Capital.
BB&T (NYSE: BBT) was assumed with a Market Perform rating at Morgan Keegan.