Analyst upgrades, downgrades and initiations: FIS, LMNX, RIMM, SII, TGT, TSYS ...

Analyst upgrades:

RBC Capital upgraded Fidelity National (FIS) to outperform from sector perform. The firm upgraded the stock due to valuation, and its belief that the company will clear up issues related to its merger on its Analyst Day, scheduled for Dec. 7. The firm set a $28 target on the stock.
Citigroup upgraded Smith International (SII) to buy from hold, citing the sell-off in shares following its 28M share equity offering. Note that Smith International priced 28M shares Tuesday at $26.50.
Wells Fargo upgraded DynCorp (DCP) to outperform from market perform. The firm upgraded the stock on valuation, and because it believes that the impact on DynCorp of a possible indictment of PWC will be minimal, if any.
Rockwell (ROK) was upgraded to overweight from neutral at HSBC.
Omega Healthcare (OHI) was upgraded to outperform from market perform at JMP Securities.
Analog Devices (ADI) was upgraded to conviction buy from buy at Goldman.

Analyst downgrades:

BMO Capital downgraded Research in Motion (RIMM) to market perform from outperform and has a $64 target on the stock. The firm has concerns FY11 estimates will move lower due to potential overhangs that include Verizon Wireless market share erosion, its move to the mid-tier market and lower ASPs, and cash flow.
Janney Montgomery downgraded Sunpower (SPWRA) to neutral from buy, citing the company's accounting issues. The firm has a $25 target on the stock.
Goldman downgraded Target (TGT) to neutral from conviction buy following the Q3 report and cautious Q4 guidance. The firm has a $54 target on the stock.
Western Digital (WDC) and Seagate (STX) were downgraded to underperform from buy at BofA/Merrill.
Poniard Pharma (PARD) was cut to hold from buy at Canaccord.
Banco Macro (BMA) was downgraded to neutral from overweight at JPMorgan.

Analyst initiations:

William Blair initiated Luminex (LMNX) with a market perform rating. The firm believes that Luminex is well-positioned in its market and has unique technology, but the firm is concerned about the visibility of the company's consumable revenues and the strength of its pipeline over the long term.
Oppenheimer initiated TeleCommunication Systems (TSYS) with an outperform rating and $11 target. The firm thinks the stock is undervalued in light of its exposure to multiple growth opportunities, and it recommends buying the shares.
Thomas Weisel initiated Asbury Automotive (ABG) with a market weight. The firm believes the company could benefit from additional cost savings and increases in the market share of foreign dealerships, but it believes that the company could be hurt by its exposure to Florida. The firm set a $12 target.
Baxter (BAX) was initiated with a market perform rating at Morgan Keegan.
Peabody Energy (BTU) coverage resumed with an overweight rating and $57 target at HSBC.
Sybase (SY) was initiated with an overweight rating and $50 target at JPMorgan.