Analyst upgrades, downgrades and initiations: DLTR, JCP, JWN, LEA, RIMM, S ...

Analyst upgrades:

Credit Suisse upgraded Sprint Nextel (S) to outperform from neutral and raised its target to $6 from $4. The firm believes Sprint Nextel's core business is turning and that valuation is attractive. Credit Suisse also added Sprint Nextel to its Focus List.
Goldman expects Nordstrom (JWN) to benefit from a recovery in the high-end consumer. The firm upgraded shares to buy from neutral and raised its target to $41 from $39.
Deutsche Bank remains cautious on the Dry Bulk sector long-term but expects increased Q4 day rates. The firm upgraded Genco (GNK) to buy from hold and raised its target to $31 from $24; the firm also upgraded Eagle Bulk (EGLE) to hold from sell.
Steelcase (SCS) was upgraded to buy from hold at BB&T.
United Rentals (URI) was upgraded to outperform from perform at Oppenheimer.
GLG Partners (GLG) was upgraded to outperform from market perform at Keefe Bruyette.
Ladish (LDSH) was upgraded to outperform from market perform at FBR Capital.

Analyst downgrades:

Goldman cut JCPenney (JCP) to sell from neutral and lowered its target to $32 from $36. The firm expects JCPenney's focus on margins to impact its top line.
Oppenheimer downgraded Cadence Pharma (CADX) to perform from outperform following the announcement that the FDA has delayed the PDUFA for Acetavance by three months to February 12, 2010. The firm has concerns regarding the FDA's request for additional clinical pharmacology data.
Merriman downgraded ZAGG (ZAGG) to neutral from buy as it believes that the company's FY10 guidance may be too optimistic and leaves little room for error.
Dollar Tree (DLTR) was downgraded to neutral from buy at Goldman; the firm lowered its target to $52 from $54.
WuXi PharmaTech (WX) was downgraded to neutral from outperform at Credit Suisse.
Shire (SHPGY) was downgraded to hold from buy at Lazard Capital.

Analyst initiations:

Deutsche Bank views Lear's (LEARQ) valuation as compelling following its emergence from bankruptcy. The firm started shares with a buy rating and $77 target.
Auriga believes that Research In Motion (RIMM) is poised to exploit the growth in smartphones, but the firm believes that the company also faces significant competitive threats that balances the stock's risk/reward scenario. The firm set a hold rating and $66 target on Research In Motion.
Jefferies is cautious about Lance (LNCE) as the firm thinks that the company's DSD work could result in continued dislocation. The firm set a hold rating and $26 target on the stock.
Deutsche Bank initiated Novartis (NVS) and Sanofi-Aventis (SNY) with buy ratings and AstraZeneca (AZN) and GlaxoSmithKline (GSK) with hold ratings.
Ingram Micro (IM) was initiated with a neutral rating at BofA/Merrill.