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

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.