• Sciele Pharma (NASDAQ: SCRX) was downgraded to Hold from Buy at Roth Capital and to Neutral from Buy at UBS following the Shionogi acquisition.
  
• Piper downgraded shares of Adolor Corp. (NASDAQ: ADLR) to Neutral from Buy after Glaxosmithkline (NYSE: GSK) returned Entereg rights in OBD to the company. The company's target was lowered to $3 from $5.
  
• Vodafone (NYSE: VOD) was cut to Neutral from OUtperform at Credit Suisse as they believe the company could miss its revenue guidance.
  
• ConAgra (NYSE: CAG) to Neutral from Overweight; shares were also downgraded to Underperform from Buy at Merrill Lynch.
  
• Vertex Pharmaceuticals (NASDAQ: VRTX) was lowered to Perform from Outperform at Oppenheimer.
  
• Goldman downgraded Total SA (NYSE: TOT) to Neutral from Buy and removed shares from the Conviction Buy List; Emerson Electric (NYSE: EMR) was also removed from the Conviction Buy List.

Analyst initiations:

• Home Depot (NYSE: HD) was assumed with a Hold rating at Jesup & Lamont. The firm believes fundamentals are likely to remain under pressure in the near-term given the weak macro-economic environment and inadequate store customer service levels.
  
• Piper believes GT Solar (NASDAQ: SOLR) is positioned to benefit from the eventual decline of solar module prices. Shares were initiated with a Buy rating and $15 target.
  
• Soleil is not confident in ConAgra's (NYSE: CAG) ability to raise prices enough to offset input cost inflation. The firm started shares with a Hold rating and $23 target.
• Morgan Stanley initiated Textron (NYSE: TXT) with an Equal Weight rating and $46 target.
  
• Radio Shack (NYSE: RSH) was initiated with a Neutral rating and $20 target at UBS.
  
• Coventry Health (NYSE: CVH) was assumed with an Outperform rating and $42 target at Credit Suisse.