Analyst downgrades:

• FBR Capital downgraded Deutsche Bank (NYSE: DB) to Market Perform from Outperform following the Q2 results as the firm sees limited upside for the remainder of the year.
• Baird downgraded Woodward Governor (NASDAQ: WGOV) to Neutral from Outperform citing the suspension of MPC from participating in federal programs and its impact on revenues. The firm has a $23 target on the stock.
• Citigroup downgraded Lennar (NYSE: LEN) to Hold from Buy on valuation following the recent rally and maintains a $12 price target on the stock.
• MetLife (NYSE: MET) was downgraded to Neutral from Buy at BofA/Merrill.
• Credit Suisse (NYSE: CS) was downgraded to Underperform from Market Perform at FBR Capital.
• Perrigo (NASDAQ: PRGO) was downgraded to Neutral from Outperform at Credit Suisse.

Analyst initiations:

• Merriman initiated Celgene (NASDAQ: CELG) with a Buy rating. The firm believes recent data from Revlimid pivotal trials should drive investor interest in Celgene and set a $60-$66 target on the stock.
• Merriman also initiated Poniard Pharm (NASDAQ: PARD) with a Buy rating. The firm is positive on Poniard given its wholly-owned, late-stage asset picoplatin and set a $14-$16 target range on the stock.
• Morgan Joseph thinks that Amgen's (NASDAQ: AMGN) recent announcement of positive results from its FREEDOM trial shows that the company is capable of generating blockbuster drugs. The firm thinks the company has a strong pipeline and assumed coverage with a Buy rating and $77 target.
• TreeHouse Foods (NYSE: THS) was initiated with a Hold rating at KeyBanc.
• Scripps Networks (NYSE: SNI) was initiated with a Buy rating and $38 target at Deutsche Bank.
• Limelight Networks (NASDAQ: LLNW) was initiated with a Market Perform rating at JMP Securities.