Analyst downgrades:

• Goldman downgraded Nokia (NYSE: NOK) to Neutral from Conviction Buy as it finds the risk/reward on shares not compelling given the company's lack of new high-end phones and continued market share losses.
• Citigroup downgraded D.R. Horton (NYSE: DHI) to Sell from Hold on valuation and believes near-term impairments could push shares lower. Despite downgrading, Citi raised its target on D.R. Horton to $10 from $8.
• Piper Jaffray downgraded ReneSola (NYSE: SOL) to Underweight from Neutral following the Q2 results and lowered its target on shares to $4 from $6.50.
• JA Solar (NASDAQ: JASO) was downgraded to Equal Weight from Overweight at Barclays.
• XTO Energy (NYSE: XTO) was downgraded to Equal Weight from Overweight at Morgan Stanley.
• Points International (OTC: PTSEF) was downgraded to Neutral from Buy at Merriman.

Analyst initiations:

• Baird is positive on American Public Education's (NASDAQ: APEI) valuation and organic growth. The firm started shares with an Outperform rating and $46 target.
• Thomas Weisel initiated Agrium (NYSE: AGU) with an Underweight rating. The firm thinks the company's margins will be hurt by nitrogen prices while its profitability would be diluted by an acquisition of CF Industries (NYSE: CF).
• Thomas Weisel also initiated Mosaic (NYSE: MOS) with an Overweight rating. The firm believes that the company's phosphate business is showing early signs of a recovery while potash pricing has bottomed. The firm set a $58 target on the stock.
• Intrepid Potash (NYSE: IPI) was initiated with a Market Weight rating and $26 target at Thomas Weisel.
• TD AmeriTrade (NASDAQ: AMTD) was initiated with a Market Perform rating and $19 target at Bernstein.
• Johnson & Johnson (NYSE: JNJ) coverage was resumed with a Neutral rating and $65 target at Goldman.