Analyst upgrades, downgrades and initiations: ANF, DPS, LMT, NOK, OXY, SHW ...

Analyst upgrades:

Citigroup upgraded Polaris Industries (NYSE: PII) to Buy from Hold after channel checks indicated the company's sales trends improved through September. The firm raised its target on shares to $49 from $33.
Jefferies upgraded Citrix Systems (NASDAQ: CTXS) to Hold from Underperform after channel checks indicated IT spending will be strong in the second half of 2009, but the firm finds the stock fully valued at current levels. Jefferies raised its target on shares to $40 from $32.
Pali Captital upgraded Abercrombie & Fitch (NYSE: ANF) to Buy from Neutral on valuation and expectations that lower pricing and international growth will be catalysts going forward. The firm set a $45 price target on shares.
Plum Creek Timber (NYSE: PCL) was upgraded to Neutral from Underweight at JPMorgan.
Advanced Micro (NYSE: AMD) was upgraded to Buy from Neutral at UBS.
PPD Inc. (NASDAQ: PPDI) was upgraded to Outperform from Neutral at Baird.

Analyst downgrades:

Cowen downgraded Lockheed Martin (NYSE: LMT) to Neutral from Outperform. The firm sees limited upside to shares given eroding aerospace prospects and higher FAS/CAS. Firm prefers Outperform rated General Dynamics (NYSE: GD).
Deutsche Bank downgraded Dr Pepper Snapple (NYSE: DPS) to Hold from Buy on valuation but raised its target on shares to $32 from $31.
UBS downgraded SanDisk (NASDAQ: SNDK) to Sell from Neutral as they expect peak demand by Q4 to limit further ASP increases. The firm has an $18 target on the stock.
Nokia (NYSE: NOK) was downgraded to Neutral from Overweight at HSBC.
Brocade (NASDAQ: BRCD) was downgraded to Perform from Outperform at Oppenheimer.
Occidental Petroleum (NYSE: OXY) was downgraded to Hold from Buy at Citigroup.

Analyst initiations:

Black & Decker (NYSE: BDK) was initiated with an Overweight rating and $56 target at Barclays.
Western Digital (NYSE: WDC) was initiated with a Buy rating and $45 target at at Brean Murray.
Express Scripts (NASDAQ: ESRX) coverage was resumed with an Outperform rating at Leerink.
Sherwin-Williams (NYSE: SHW) was reinstated with a Buy rating and $72 target at BofA/Merrill.
Forest Oil (NYSE: FST) was assumed with a Buy rating and $30 target at Stifel Nicolaus.
Textainer (NYSE: TGH) was initiated with an Outperform rating and $19 target at Keefe Bruyette.