Analyst upgrades, downgrades and initiations: AIG, COH, LMT, MOT, MVL, NOK, RTN ...

Analyst upgrades:

Credit Suisse upgraded Motorola (NYSE: MOT) to Outperform from Neutral after the close Monday. The firm believes Motorola's devices segment will approach breakeven in 2010 while operating margins in nonhandset segments will expand, and that a break-up story will reemerge. Credit Suisse raised its target on shares to $9.50 from $7.
UBS upgraded BHP Billiton (NYSE: BHP) to Buy from Neutral. The firm cites BHP's leverage to iron ore, coking coal, copper, and oil for its upgrade after raising its commodity price forecasts.
Merriman upgraded Walter Energy (NYSE: WLT) to Buy from Neutral to reflect higher met coal price forecasts. The firm believes Chinese demand is strong and has a target range of $66-$72 on the stock.
Intersil (NASDAQ: ISIL) was upgraded to Outperform from Perform at Oppenheimer.
Coach (NYSE: COH) was upgraded to Buy from Neutral at BofA/Merrill.
Lockheed Martin (NYSE: LMT) was upgraded to Buy from Hold at Citigroup.

Analyst downgrades:

Credit Suisse downgraded Nokia (NYSE: NOK) two levels to Underperform from Outperform Monday after the close. The firm expects smartphone share loss to drive negative earnings momentum for Nokia and took the stock off its Focus List.
Citigroup downgraded Raytheon (NYSE: RTN) to Hold from Buy on relative valuation after upgrading Lockeed Martin. The firm keeps a $52 price target on Raytheon shares.
Leerink downgraded LabCorp (NYSE: LH) to Market Perform from Outperform on valuation and expectations that testing volume growth could continue to slow over the next few quarters, creating risk to 2010 estimates.
American Axle (NYSE: AXL) was downgraded to Hold from Buy at Deutsche Bank.
AIG (NYSE: AIG) was downgraded to Underperform from Market Perform at Bernstein.
Marvel (NYSE: MVL) was downgraded to Neutral from Overweight at JPMorgan.

Analyst initiations:

Lazard Capital believes Polycom (NASDAQ: PLCM) is fairly valued at current levels. Shares were started with a Hold rating.
MedAssets (NASDAQ: MDAS) was initiated with a Buy rating and $26 target at BofA/Merrill.
Cabot Oil & Gas (NYSE: COG) was initiated with a Neutral rating and $41 target at SunTrust.
China Green (AMEX: CGA) was assumed with a Market Perform rating at Rodman & Renshaw.
First Financial Bancorp (NASDAQ: FFBC) was initiated with a Neutral rating and $9 target at Janney Montgomery.