Analyst upgrades, downgrades and initiations: AOL, CKR, DKS, GEF, MLM, TROW ...

Analyst Upgrades

Stephens upgraded Martin Marietta (MLM) to overweight from equal weight on valuation and expectations that infrastructure and highway spending will increase. The firm raised its target on shares to $105 from $95.
Janney Montgomery upgraded Shutterfly (SFLY) to buy from neutral to reflect valuation and a reduced pricing overhang after Kodak (EK) raised its 4x6 prices. The firm raised its target on shares to $21 from $18.
Thomas Weisel upgraded Entropic Communications (ENTR) to overweight from market weight. The firm thinks the company is well-positioned for revenue growth in 2010, partly due to MoCA deployments from new customers and design wins for its silicon tuner product. The firm set a $5 target.
T. Rowe Price (TROW) was upgraded to buy from hold at Jefferies.
Dick's Sporting Goods (DKS) was upgraded to buy from neutral at BofA/Merrill.
Massey Energy (MEE) was upgraded to overweight from neutral at JPMorgan.

Analyst Downgrades

Barrington downgraded Greif (GEF) to underperform from market perform after the company's Q4 results came in significantly below expectations.
Needham cut Analogic (ALOG) to hold from buy on valuation after the company reported weaker-than-expected EPS.
Roth Capital downgraded CKE Restaurants (CKR) to hold from buy, citing weak sales trends following the Q3 report.
Massey Energy (MEE) was downgraded to market perform from outperform at BMO Capital.
Almost Family (AFAM) was downgraded to neutral from outperform at Baird.
Novartis (NVS) was downgraded to hold from buy at Societe Generale.

Analyst Initiations

Merriman started AOL (AOL) with a sell rating and believes declines in AOL's subscription segment creates significant headwinds for the company. The firm would be a buyer of the stock in the $15 to $18 share range.
UBS believes Veeco (VECO) is well-positioned to benefit from a new equipment upcycle in the LED industry. Shares were initiated with a buy rating and $40 target.
RBC Capital initiated Rehabcare (RHB) with an outperform rating and $35 target. The firm notes that the company's EBITDA multiple is significantly lower than those of its peers.
Eastman Chemical (EMN) was initiated with a buy rating and $72 target at Goldman.
Viacom B (VIA.B) was started at Jefferies with a buy rating and $40 target.
Mylan (MYL) was assumed with a buy rating and $23 target at SunTrust.