• UBS downgraded Apple (AAPL) to Neutral from Buy on concerns iPhone ASPs are unsustainable at current levels and macro issues will impact sales of Macs.
  
• Jesup & Lamont cut Precision Cast (PCP) to Hold from Buy as they believe uncertainty related to the strike at Boeing (BA) and the eventual 787 production rate will remain for some time.
  
• Stephens downgraded Darling (DAR) to Equal Weight from Overweight and lowered its target to $10 from $19 as they believe the decline in commodity prices creates a lack of earnings visibility.
• Ameriprise Financial (AMP) and Lincoln National (LNC) were lowered to Market Perform from Outperform at Keefe Bruyette.
• Biogen (BIIB) was lowered to Market Perform from Outperform at Leerink.
  
• Coventry Health (CVH) was downgraded at JP Morgan to Underweight from Neutral.

Analyst initiations:

• Oppenheimer names American Physicians Capital (ACAP) their top pick in Medical Malpractice Insurance given the company's conservative reserves and "solid" investment portfolio. Shares were assumed with an Outperform rating and $50 target.
  
• Jefferies initiated AmerisourceBergen (ABC) with a Buy rating and $39 target. The firm sees limited downside given the company's solid balance sheet, strong cash flows, and low valuation.
  
• Friedman Billings views Interval Leisure (IILG) as oversold and finds the company's business model ideal with significant free cash flow and low debt. Shares were started with an outperform rating and $9 target.
• American Eagle (AEO) was initiated at B. Riley with a Buy rating and $16 target.
• Southwestern Energy (SWN) was assumed at Barclays with an Overweight rating.
  
• Credit Suisse initiated MGM Mirage (MGM) and Las Vegas Sands (LVS) with Neutral ratings and targets of $15 and $16, respectively.