• Citigroup downgraded NYSE Euronext (NYSE: NYX) to Hold from Buy following the company's investor day to reflect a lack of near-term catalysts and the challenging capital markets. The firm lowered its price target to $21 from $24.
• Jefferies downgraded GSI Commerce (NASDAQ: GSIC) to Hold from Buy on slowing e-commerce trend growth and valuation following the company's "solid" Q4 results. The firm maintains an $11 target.
• Baird downgraded Pacer (NASDAQ: PACR) to Underperform from Neutral citing the deteriorating outlook and increased risk to its wholesale model.
• Raytheon (NYSE: RTN) was cut to Market Perform from Outperform at Bernstein.
• Kohl's (NYSE: KSS) was downgraded to Sell from Neutral at Goldman and added to the Conviction Sell List. The firm also removed Praxair (NYSE: PX) from the Conviction Buy List.
• BNP Paribas (OTC: BNPQY) was downgraded to Add from Buy at WestLB.

Analyst initiations:

• Merriman initiated Ligand Pharmaceuticals (NASDAQ: LGND) with a Buy rating. The firm expects several data catalysts this year as well as trial initiations and thinks the company has a lean business model.
  
• Roth Capital is positive on Multimedia Games' (NASDAQ: MGAM) revised business strategy and valuation. Shares were started with a Buy rating and $3.50 target.
  
• Wunderlich believes Comcast (NASDAQ: CMCSA) offers a "relative safe haven" in the cable group given its national diversity and advanced product penetration upside. The firm initiated shares with a buy rating and $19 target.
• Crucell NV (NASDAQ: CRXL) was initiated with a Buy rating at Jefferies.
  
• Grand Canyon (NASDAQ: LOPE) was assumed with an Outperform rating and $25 target at Credit Suisse.