Analyst upgrades, downgrades and initiations: ACOR, BHI, HAL, LAZ, SLB, TRV ...

Analyst upgrades:

Citigroup upgraded Schlumberger (NYSE: SLB) to Buy from Hold on valuation and the company's exposure to a potential upturn in international drilling. The firm raised its target on shares to $80 from $56.
UBS upgraded Allegheny Tech (NYSE: ATI) to Buy from Neutral and raised its target to $43 from $31 and believes the end of jet engine and other destocking will result in an initial recovery into 2010, even before an order ramp into 2011.
Merriman upgraded Acorda Therapeutics (NASDAQ: ACOR) to Buy from Neutral based on the favorable FDA panel outcome and set a $30-$33 target range on the stock. Baird upgraded Acorda to Outperform from Neutral and raised its target to $28 from $24. Following the panel review, Baird expects Amaya to be approved in 1H10 and would be buyers into the mid/high $20s.
Chicago Bridge & Iron (NYSE: CBI) was upgraded to Buy from Neutral at Goldman.
PG&E (NYSE: PCG) was upgraded to Buy from Neutral at UBS.
Newfield Exploration (NYSE: NFX) was upgraded to Outperform from Market Perform at Wells Fargo.

Analyst downgrades:

Oppenheimer downgraded Lazard (NYSE: LAZ) to Perform from Outperform following the passing of CEO Bruce Wasserstein as it believes disruption could cap upside in the stock. The firm keeps a $45 price target on shares.
Keefe Bruyette downgraded The Travelers Companies (NYSE: TRV) to Market Perform from Outperform on concerns regarding the industry's 2010 underwriting outlook. The firm has a $51 price target on shares.
Pali Capital downgraded Invesco (NYSE: IVZ) to Neutral from Buy on valuation and believes an acquisition is needed for shares to move higher in the near-term.
BJ Services (NYSE: BJS) and Baker Hughes (NYSE: BHI) were downgraded to Sell from Hold at Citigroup.
Host Hotels (NYSE: HST) was downgraded to Underperform from Neutral at Baird.
Allianz (NYSE: AZ) was cut to Neutral from Buy at BofA/Merrill.

Analyst initiations:

Bernstein believes Petrobras (NYSE: PBR) is well positioned to benefit from Brazilian pre-salt exploration. The firm started shares with an Outperform rating and $56 target.
Bernstein also initiated Hess (NYSE: HES) with a Market Perform rating and $62 target. The firm has concerns regarding Hess's long-term growth profile.
BMO Capital believes that the natural gas rig market will remain competitive for an extended period, resulting in pressure on smaller companies in the sector such as Complete Production (NYSE: CPX). The firm set a Market Perform rating and $15 target on the stock.
BMO Capital initiated Halliburton (NYSE: HAL) and Schlumberger (NYSE: SLB) with Outperform ratings and targets of $40 and $92, respecitvely, and Baker Hughes (NYSE: BHI) with a Market Perform rating and $54 target.
Tesoro (NYSE: TSO) was initiated with an Equal Weight rating and $16 target at Morgan Stanley.