Analyst upgrades, downgrades and initiations: BCS, CAT, LMT, MTB, NVS, WSM ...

Analyst upgrades:

FBR Capital upgraded M&T Bank (NYSE: MTB) to Market Perform from Underperform following the Q3 results to reflect the company's improved earnings outlook and better credit trends. The firm has a $70 price target on shares.
Kaufman Bros. upgraded Autodesk (NASDAQ: ADSK) to Buy from Hold as it believes a bottom has been reached in the manufacturing and construction industries. The firm raised its target on shares to $30 from $26.
Goldman upgraded Caterpillar (NYSE: CAT) to Neutral from Sell and raised its target to $64 from $48 citing improved cost controls and construction outlook.
Pentair (NYSE: PNR) was upgraded to Buy from Hold at KeyBanc.
Lexmark (NYSE: LXK) was upgraded to Neutral from Underweight at JPMorgan.
Stryker (NYSE: SYK) was upgraded to Neutral from Underperform at BofA/Merrill.

Analyst downgrades:

Morgan Stanley downgraded Novartis (NYSE: NVS) to Equal Weight from Overweight to reflect concerns over generic competition and the company's vaccines unit.
Morgan Keegan downgraded Lockheed Martin (NYSE: LMT) to Market Perform from Outperform based on expectations for weaker 2010 earnings and risks from potential F-35 delays.
BMO Capital downgraded Biogen Idec (NASDAQ: BIIB) to Underperform from Market Perform and lowered its target to $41 from $54 citing its weakening MS franchise and pipeline following the Q3 report.
Astec (NASDAQ: ASTE) was downgraded to Hold from Buy at Canaccord.
LaSalle Hotel (NYSE: LHO), Felcor Lodging (NYSE: FCH) and Strategic Hotels (NYSE: BEE) were downgraded to Underperform from Neutral at Baird.

Analyst initiations:

Wunderlich started Stericycle (NASDAQ: SRCL) with a Sell rating and $42 target. The firm expects shares of Stericycle to pullback as competition increases and acquisition growth has less impact.
Williams-Sonoma (NYSE: WSM) was initiated with a Market Weight rating and $18 target at Thomas Weisel.
Magellan Midstream (NYSE: MMP) was initiated with a Neutral rating and $42 target at Credit Suisse.
Murphy Oil (NYSE: MUR) was initiated with a Market Perform rating at Raymond James.
CareFusion (NYSE: CFN) was initiated with a Neutral rating at Susquehanna.
Barclays (NYSE: BCS) was initiated with an Outperform rating at FBR Capital.