Analyst Downgrades

• Janney Montgomery downgraded Wright Express (NYSE: WXS) to Neutral from Buy citing Treasury regulatory reform that proposes all commercial enterprises that own nonbank subsidiaries convert to a bank-holding company status or forfeit FDIC deposit insurance access. Wright Express owns an industrial loan corporation and the firm views the proposal as a negative.
• Oppenheimer downgraded Boeing (NYSE: BA) to Underperform from Perform citing 787 delay concerns and favors aftermarket suppliers where growth is predicated on a bottom in air traffic vs. new aircraft deliveries.
• JMP Securities downgraded shares of Monogram Biosciences (NASDAQ: MGRM) to Market Perform from Outperform following the acquisition announcement by LabCorp (NYSE: LH).
• Alliance Data Systems (NYSE: ADS) was downgraded to Neutral from Overweight at JPMorgan.
• Jefferies downgraded Harmonic (NASDAQ: HLIT) to Hold from Buy.

Analyst Initiations

• FBR Capital initiated Riverbed Technology (NASDAQ: RVBD) with a Market Perform rating and $22 target. The firm believes Riverbed's near-term growth may be limited given increased competition and the difficult spending environment.
• Deutsche Bank initiated OSI Pharmaceuticals (NASDAQ: OSIP) with a Hold rating and $33 target citing near-term concerns over reimbursement changes and lack of catalysts.
• Auriga initiated Adtran (NASDAQ: ADTN) with a Buy rating and $26 target and believes the new TA5000 product line appears poised to deliver on its long-held promise of rejuvenating the top and bottom lines. The firm notes that the potential fallout from the pending Verizon (NYSE: VZ) deal with Frontier for the sale of 4.8mn rural telephone lines, has the potential to disrupt a vital Adtran customer.
• DigitalGlobe (NYSE: DGI) was initiated with a Buy rating and $21 target at BofA/Merrill.
• Johnson Controls (NYSE: JCI) was initiated with a Buy rating at Merriman.