Analyst downgrades:

• Goldman added Garmin (NASDAQ: GRMN) to its Conviction Sell List citing risk to Q4 and 2010 Street estimates and valuation. The firm, which cut shares to Conviction Sell from Sell, has a $23 target on the stock.
• Stifel Nicolaus downgraded Comstock Resources (NYSE: CRK) and CNX Gas (NYSE: CXG) to Hold from Buy on valuation and the firms' concerns about near-term gas prices.
• Stifel Nicolaus also downgraded YRC Worldwide (NASDAQ: YRCW) to Sell from Hold. The firm believes that bankruptcy is becoming an increasingly likely outcome for YRC, as the firm does not think the concessions obtained from the Teamsters will allow it to thrive over the long-term.
• Natural Resource (NYSE: NRP) was downgraded to Underperform from Market Perform at Wells Fargo.
• Texas Roadhouse (NASDAQ: TXRH) was downgraded to Neutral from Outperform at Cowen.
• Canaccord downgraded Cardiome Pharmaceuticals (NASDAQ: CRME) to Hold from Buy.

Analyst initiations:

• Kaufman Bros. initiated Synaptics (NASDAQ: SYNA) with a Buy rating and $38 target. The firm believes touch interface technologies is still early in its adoption cycle and that Synaptics has a key advantage in the space.
• Merriman believes positive data from ITMN-191 can drive significant upside in Intermune (NASDAQ: ITMN) shares. The firm has a Buy rating and target price range of $15-$19.
• Deutsche Bank believes Seattle Genetics' (NASDAQ: SGEN) Hodgkin's treatment, SGN-35, offers significant upside potential. Shares were started with a Buy rating and $14 target.
• Chipotle Mexican Grill (NYSE: CMG) was initiated with a Sell rating and $75 target at Jesup & Lamont.
• Salix (NASDAQ: SLXP) was initiated with a Buy rating and $18-$22 target at Merriman.