Analyst downgrades:

• Citigroup believes Ace Ltd.'s (NYSE: ACE) Net Amount at Risk increase over the past nine months will limit near-term upside. The firm cut shares to Hold from Buy and lowered their target to $54 from $68.
  
• WestLB downgraded shares of HSBC Holdings (NYSE: HBC) to Sell from Reduce to reflect the deteriorating global economic outlook and the bank's lower than average Tier 1 Capital ratio.
  
• JP Morgan downgraded Century Aluminum (NASDAQ: CENX) to Neutral from Overweight citing lower aluminum prices and high costs.
• Goldman removed Cisco (NASDAQ: CSCO) from the Conviction Buy List.
  
• Sunoco (NYSE: SUN) was downgraded to Sell from Hold at Deutsche Bank.
  
• Arbitron (NYSE: ARB) was lowered to Neutral from Overweight at JP Morgan.

Analyst initiations:

• Jefferies initiated Resmed (NYSE: RMD) with a Buy rating and $41 target and expects the company's "strong" sales growth to continue. The firm feels Resmed is an attractive acquisition candidate.
  
• Jefferies believes St. Jude Medical's (NYSE: STJ) growth expectations are ambitious and finds the stock fairly valued at current levels. Shares were initiated with a Hold rating and $34 target.
  
• Banc of America assumed coverage of Tibco (NASDAQ: TIBX) with a Neutral rating and $6 target. The firm sees risk to the company's Q4 results but believes it has a solid recurring revenue model.
• Ticketmaster (NASDAQ: TKTM) was started at Thomas Weisel with a Market Weight rating and $9.25 target.
  
• Chemical Financial (NASDAQ: CHFC) was initiated with a Market Perform rating and $25 target at Keefe Bruyette.
  
• Usec (NYSE: USU) was reinitiated with a Neutral rating at Goldman.