Analyst Calls: BBBY, DPS, HSY, MT, PSYS, SUN, TMK, YHOO ...

Analyst Upgrades

UBS upgraded Dr Pepper Snapple (DPS) to buy from neutral, citing strong fundamentals and buybacks. The firm raised its target to $42 from $31.
Piper Jaffray upgraded ProAssurance (PRA) to overweight from neutral. The firm has a $76 price target on shares.
Hershey (HSY) and Sunoco (SUN) were upgraded to sell from conviction sell at Goldman.
Level 3 Comm (LVLT) was upgraded to neutral from underweight at JPMorgan.
Cathay Pacific (CPCAY) was upgraded to buy from hold at Deutsche Bank.

Analyst Downgrades

Benchmark downgraded Yahoo! (YHOO) to hold from buy to reflect secular and competitive concerns. The firm maintains an $18 target on the stock.
Stephens downgraded Psychiatric Solutions (PSYS) to equal weight from overweight after shares rallied on reports the company is in buyout talks. The firm has a $30 price target on the stock.
William Blair downgraded Skillsoft (SKIL) to market perform from outperform after the go-shop window for further bids closed without another formal offer.
ArcelorMittal (MT) was downgraded to hold from buy at ING Group.
Annaly Capital (NLY) was downgraded to market perform from outperform at JMP Securities.
Bed Bath & Beyond (BBBY) was downgraded to underperform from market perform at FBR Capital.

Analyst Initiations

Goldman started Torchmark (TMK) and Protective Life (PL) with neutral ratings and a $55 target and $20 target, respectively.
BB&T initiated WESCO International (WCC) with a buy rating and $39 target.
BGB Securities initiated DTS (DTSI) with a hold rating and $35 target.
Sanmina (SANM) was initiated with a hold rating at Collins Stewart.
STEC (STEC) was initiated with a hold rating at Benchmark Co.
Powell (POWL) was initiated with a hold rating and $32 target at Roth Capital.
Amylin Pharma (AMLN) was initiated with a buy rating at Merriman.