Analyst downgrades:

• Stephens downgraded American Eagle (NYSE: AEO) to Equal Weight from Overweight as it believes shares could be range bound until the company's women's business regains traction. The firm lowered its target on shares to $14 from $17.
• Deutsche Bank downgraded Huron (NASDAQ: HURN) to Hold from Buy after the company said its needs to restate earnings and withdrew previous guidance. Deutsche lowered its target on shares to $20 from $52.
• JPMorgan downgraded Burger King (NYSE: BKC) to Neutral from Overweight on concerns that sales weakness will continue through the first half of 2010. The firm lowered its target on shares to $19 from $21.
• United Therapeutics (NASDAQ: UTHR) was downgraded to Hold from Buy at Jefferies.
• Vectren (NYSE: VVC) was downgraded to Hold from Buy at Citigroup.
• Regions Financial (NYSE: RF) was downgraded to Neutral from Buy at Goldman.

Analyst initiations:

• Jefferies believes Medidata (NASDAQ: MDSO) is positioned as a market leader in the electronic data capture market. Shares were started with a Buy rating and $22 target.
• Jefferies believes the recent sell-off in Merck KGaA (OTC: MKGAY) shares provides a buying opportunity and initiated shares with a Buy rating.
• Alpha Natural (NYSE: ANR) was initiated with a Neutral rating and $38 target at Credit Suisse.
• M/I Homes (NYSE: MHO) was assumed with a Hold rating and $13 target at Citigroup.
• Vancelnfo (NYSE: VIT) was initiated with an Overweight rating and $18 target at JPMorgan.