Analyst Upgrades, Downgrades and Initiations: ADI, CI, COP, CVX, DB, INTC, JCP, PM ...

Analyst Upgrades

Auriga upgraded Intel (INTC) to buy from hold to reflect the stock's relative valuation after channel checks indicated PC shipment plans continue to be solid. The firm raised its target price on shares to $24 from $20.
Deutsche Bank upgraded RenaissanceRE (RNR) to buy from hold on valuation and believes stock buybacks and reserve releases will drive the company's growth. The firm raised its target price on shares to $65 from $59.
UBS upgraded Philip Morris (PM) to buy from neutral based on increased confidence in its earnings outlook and relative valuation. The firm raised its target to $54 from $49.
Chevron (CVX) was raised to outperform from market perform at Bernstein.
Barnes & Noble (BKS) was upgraded to sell from conviction sell at Goldman Sachs.
Deutsche Bank (DB) was upgraded to outperform from neutral at Credit Suisse.

Analyst Downgrades

BMO Capital downgraded Cigna (CI) to market perform from outperform, citing increased Medicare Private Fee For Service memberships, which could lead to increased medical loss ratios. The firm has a $33 target on the stock.
Bernstein cut ConocoPhillips (COP) and Total SA (TOT) to market perform from outperform on valuation. The firm has a $54 target on ConocoPhillips and a $59 target on Total.
Needham downgraded STEC (STEC) two notches to hold from strong buy to reflect a lack of earnings visibility. The firm believes the company's 2010 earnings visibility is "clouded" due to customer inventory overhang and ordering patterns.
Penn National (PENN) was downgraded to conviction sell from neutral at Goldman.
JCPenney (JCP) was downgraded to equal weight from overweight at Morgan Stanley.
Lincoln Educational (LINC) was downgraded to market perform at Raymond James.

Analyst Initiations

Morgan Stanley initiated Praxair (PX) with an equal weight rating and $86 target.
Auriga started Analog Devices (ADI) and Linear Tech (LLTC) with sell ratings and $23 targets on concerns that the stocks may not be discounting all of the risk associated with consensus estimates.
Thomas Weisel believes that Art Technology (ARTG) will benefit from the growth and increasing complexity of e-commerce. The firm set an overweight rating and $5 target on the stock.
Autoliv (ALV) was initiated with an underperform at Credit Suisse.
EnerNOC (ENOC) was initiated with a hold rating and $26 target at Deutsche Bank.
A123 Systems (AONE) was initiated with an outperform rating and $17 target at RBC Capital.