Analyst initiations:

• Allegheny (NYSE: AYE) was initiated with a buy at Citigroup as attractive at current levels. Target is $33.
• PPL Corp. (NYSE: PPL) was initiated with a buy at Citigroup. Citi believes PPL's earnings power from the Pennsylvania regulated utility market is being underappreciated. Target is $35.
• FirstEnergy (NYSE: FE) was initiated with a Buy at Citigroup who believes the company's current valuation doesn't reflect its transition to full market-based rates in 2011. Target is $56.
• Waste Management (NYSE: WM) coverage resumed with a Neutral at Goldman.
• Exxon (NYSE: XOM) initiated with a Buy at Soleil. Target is $90.
• Vodafone (NYSE: VOD) was initiated with a Buy at ING Group.

Analyst upgrades:

• Jefferies upgraded MDS Inc. (NYSE: MDZ) to Buy from Hold on valuation as it believes shares are pricing in a "worst case" scenario at current levels. The firm keeps a $6.50 target on the stock.
  
• JP Morgan upgraded Continental (NYSE: CAL) to Overweight from Neutral on valuation as it believes the recent sell-off is overdone. The firm keeps a $13 price target on the stock.
• Thomas Weisel is positive on Allergan's (NYSE: AGN) diverse product portfolio, global infrastructure, vertical integration, and deep pipeline. The firm upgraded shares to Overweight from Market Weight and has a $54 target on the stock.
• NetLogic (NASDAQ: NETL) was upgraded to Buy from Neutral at Piper.
  
• Dover (NYSE: DOV) was raised to Buy from Neutral at Banc of America/Merrill.
  
• Map Pharmaceuticals (NASDAQ: MAPP) was upgraded at Argus to Hold from Sell.

Analyst upgrades:

• Baird upgraded URS Corp. (NYSE: URS) to Outperform from Neutral and raised its target to Outperform from Neutral based on momentum of new wins from stimulus funds and expectations for additional nuclear contracts.
• Jefferies upgraded EnerSys (NYSE: ENS) to Buy from Hold following the recent share weakness as it believes volumes have stopped declining and the June quarter is likely the bottom. The firm raised its target price to $18 from $11.
• RBC Capital upgraded Camden Property (NYSE: CPT) to Outperform from Sector Perform citing the company's improved financial capacity and portfolio position. The firm raised its target price to $34 from $23.
• CBS Corp (NYSE: CBS) was upgraded to Equal Weight from Underweight at Barclays.
• UDR (NYSE: UDR) was raised to Sector Perform from Underperform at RBC Capital and to Outperform from Market Perform at Keefe Bruyette.
• Zale (NYSE: ZLC) was upgraded to Buy from Neutral at BofA/Merril.

MOST NOTEWORTHY: Lockheed Martin Corp (LMT) and Nokia Corp (NOK) were today's most notable upgrades:

• Freidman Billings upgraded shares of Lockheed Martin Corp (NYSE: LMT) to Outperform from Market Perform, with a $110 target, citing a strong Q4 report and improving outlook.

• Nokia Corp (NYSE: NOK) was upgraded to Buy from Hold at Deutsche Bank, as they believe the company's positive drivers have accrued faster than expected, including a product refresh and a compelling valuation.

OTHER UPGRADES:

• Friedman Billings upgraded shares of Imclone Systems Inc (NASDAQ: IMCL) to Market Perform from Underperform based on valuation and catalysts expected over the next 12 months.

• Lehman Brothers upgraded shares of FirstEnergy Corp (NYSE: FE) to Overweight from Equal-Weight. They feel the regulatory overhang has been removed with the recent reasonable outcome on rates in Pennsylvania and an improved outlook in Ohio.

• UBS upgraded STMicroelectronics NV (NYSE: STM) to Buy from Reduce as they expect growth from higher sales, a separation in its flash-memory unit, and a decline in inventories at Nokia (NOK), a client. Additionally, the firm raised its global phone handset unit estimate.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).