Analyst Calls: AAPL, BCSI, CIT, MEE, POT, RIMM, SAN, SKS, TOO ...

Analyst Upgrades

HSBC upgraded Massey Energy (MEE) to overweight from neutral based on improved 2011 pricing power given industry supply-side discipline. Despite the upgrade, the firm cuts its price target to $40 from $54.
Needham upgraded Blue Coat Systems (BCSI) to buy from hold following yesterday's announcement that Michael J. Borman has been named the new CEO. The firm has a $27 price target on the stock.
Citigroup upgraded Teekay Offshore Partners (TOO) to buy from hold after the company announced shuttle tanker contracts to reflect improved operating performance. The firm raised its target for shares to $26 from $15.
Prosperity Bancshares (PRSP) was upgraded to equal weight from underweight at Morgan Stanley.
Ceradyne (CRDN) was upgraded to buy from hold at Benchmark Co.
CTC Media (CTCM) was upgraded to buy from hold at Deutsche Bank.

Analyst Downgrades

JMP Securities downgraded Research in Motion (RIMM) to market perform from outperform. The analyst's checks indicate continued market share pressures from competing Android and iPhone solutions in the corporate market.
Deutsche Bank downgraded Banco Santander Chile (SAN) and Banco de Chile (BCH) to sell from hold, citing valuation and unsustainable profitability. The firm raised its target for Banco Santander Chile shares to $84 from $70 and for Banco de Chile shares to $75 from $66.
JPMorgan downgraded Saks (SKS) to neutral from overweight based on valuation and concerns that luxury spending could slow. The firm lowered its target to $8.50 from $10.
Potash (POT) was downgraded to hold from bat Stifel Nicolaus.
Advanced Semiconductor (ASX) and Siliconware Precision (SPIL) were downgraded to neutral from outperform at Credit Suisse.
CF Industries (CF) was downgraded to market perform from outperform at BMO Capital.

Analyst Initiations

MP Securites assumed Apple (AAPL) with an outperform rating and $290 price target.
Macquarie initiated Alcon (ACL) with a neutral rating and $168 price target.
Barclays started CIT Group (CIT) with an overweight rating and $46 target.
Koppers Holdings (KOP) was reinstated with a buy rating and $28 target at KeyBanc.
China Agritech (CAGC) was initiated with an outperform rating and $20 target at Rodman & Renshaw.
Eclipsys (ECLP) coverage was resumed with an overweight rating and $25 target at JPMorgan.