Analyst calls: GENZ, UBS, RIMM, BBBY, WYNN, RTP . . .

• Goldman removed Research in Motion (NASDAQ: RIMM) from its Conviction Buy List following the company's negative Q3 pre-announcement. Shares remain Buy rated.
  
• Credit Suisse downgraded several European utilities, including National Grid (NYSE: NGG) to Underperform from Neutral, to reflect falling commodity prices and slowing economic growth.
  
• Baird downgraded OmniVision (NASDAQ: OVTI) to Underperform from Neutral and lowered its target to $3 from $7 citing significant market share losses and its deteriorating cash position.
  
• Strayer (NASDAQ: STRA) was cut to Underweight from Equal Weight at Morgan Stanley.
  
• Infineon (NYSE: IFX) was lowered to Reduce from Add at Natixis.
  
• Telus (NYSE: TU) was downgraded to Market Weight from Overweight at Thomas Weisel.

Analyst initiations:

• Merriman initiated Riverbed Technology (NASDAQ: RVBD) with a Neutral rating. The firm believes WAN optimization is not a top IT budget priority in the current environment.
  
• Banc of America started Genpact (NYSE: G) with a Neutral rating and $9.50 target, citing the company's client concentration and financial services exposure.
  
• Wynn Resorts (NASDAQ: WYNN) was assumed with a Sell rating and $29 target at Citigroup. Citigroup believes the opening of Encore in Las Vegas as well as visa issues and commission caps in Macau present challenges for the company. The firm does not see a catalyst for Wynn until the second half of 2009 when Macau will get a new CEO.
  
• AutoZone (NYSE: AZO) was initiated at Jesup & Lamont with a Hold rating.
  
• Merrill resumed coverage of Banco Santander (NYSE: STD) with a Neutral rating.
  
• Rio Tinto (NYSE: RTP) was started with a Hold rating at ABN Amro.