Analyst Upgrades, Downgrades and Initiations: DELL, NSRGY, POT, QCOM, RIMM, UPS, V ...

Analyst Upgrades

Baird upgraded United Parcel Service (UPS) to outperform from neutral based on operating leverage, improving industry pricing and exposure to a cyclical recovery. The firm raised its target to $70 from $61.
JMP Securities upgraded Qualcomm (QCOM) following positive wireless industry checks. The firm, which has a $60 target on the stock, believes Qualcomm is the best positioned wireless company to enable 3G deployments and the early ramp of 4G technology.
Credit Suisse has taken a more positive stance on the potash sector given the settlement of the Chinese contracts and improving near-term fundamentals. The firm upgraded Potash (POT) to outperform from neutral and raised its price target to $135 from $119. Credit Suisse also raised Intrepid Potash (IPI) to neutral from underperform and raised its price target to $30 from $28.
Avery Dennison (AVY) was raised to outperform from neutral at Baird.
Biogen Idec (BIIB) was upgraded at BofA/Merrill to neutral from underperform.
RadioShack (RSH) was upgraded to conviction buy from neutral at Goldman.

Analyst Downgrades

Citigroup downgraded SPX Corp. (SPW) to hold from buy due to valuation and its belief that 2010 consensus estimates are too high. The firm keeps a $59 price target on shares.
Wells Fargo cut Resmed (RMD) to underperform from market perform, citing competitive product launches and currency headwinds. The firm narrowed its valuation range to $45 to $47 from $44 to $50.
Janney Montgomery downgraded Regal Entertainment (RGC) to neutral from buy on valuation and its belief that 2010 consensus estimates could prove aggressive. Despite the downgrade, the firm raised its target on shares to $15.75 from $14.
Visa (V) was downgraded to outperform from top pick at RBC Capital.
Nestle (NSRGY) was downgraded to underweight from neutral at JPMorgan.
Fidelity National (FNF) was downgraded to equal weight from overweight at Barclays.

Analyst Initiations

Research in Motion (RIMM) was started at Morgan Stanley with an overweight rating and $90 target; the firm also initiated Qualcomm with an overweight rating and $47 target.
Stifel Nicolaus assumed coverage of Dell (DELL) with a buy rating and $18 target.
Jefferies initiated Varian Medical (VAR) with a buy rating and $55 target.
Royal Bank of Scotland (RBS) was initiated with an equal weight rating at Barclays.
Diebold (DBD) was assumed with a neutral rating and $33 target at JPMorgan.
Teva Pharmaceutical (TEVA) was initiated with an outperform rating and $67 target at Calyon.