Analyst upgrades, downgrades and initiations: BLK, CIEN, PCLN, PRU, RS, TIF, UNP ...

Analyst downgrades:

• UBS downgraded Union Pacific (UNP) to neutral from buy, citing relative valuation following "Buffett euphoria." The firm's target remains $67.
• RBC Capital downgraded Hospitality Properties (HPT) to reflect a lack of catalysts and potential headline risk related to the company's TA portfolio. The firm lowered its target on shares to $22 from $26.
• Jefferies downgraded Ciena (CIEN) to underperform from hold, citing concerns surrounding the acquisition of Nortel's (NRTLQ) Ethernet assets. The firm lowered its target to $9 from $12.
• Autoliv (ALV) was downgraded to hold from buy at KeyBanc and to underperform from neutral at BofA/Merrill.
• Alnylam Pharm (ALNY) was downgraded to hold from buy at Roth Capital.
• Interpublic Group (IPG) was cut to hold from buy at Argus.

Analyst initiations:

• Collins Stewart initiated Priceline.com (PCLN) with a hold rating and $225 target. The firm sees limited upside to Priceline.com shares due to valuation and would become more constructive on the name with a pullback.
• KeyBanc believes Tiffany & Co. (TIF) is well-positioned to gain share due to its iconic brand and broad price point. Shares were started with a buy rating and $50 target.
• Cantor Fitzgerald thinks that Airvana (AIRV) has made a significant bet on the femtocell market. The firm believes that this market can grow, but it questions whether the market can offset the impending decline in Airvana's RNC sales. Cantor set a hold rating and $7.50 target on the stock.
• Blackrock (BLK) was initiated with an outperform rating and $275 target at JMP Securities.
• Coca-Cola Enterprises (CCE) was initiated with a hold rating and $23 target at Citigroup.
• Alpha Natural (ANR) was assumed at Jefferies with a buy rating and $50 target.