Analyst downgrades:

• Citigroup downgraded Amgen (NASDAQ: AMGN) to Hold from Buy after the FDA panel did not recommend Denosumab for prevention of osteoporosis. Citi thinks the drug's adoption will be more modest than previously expected and lowered its target price on shares to $68 from $71.
• Jefferies downgraded Intercontinental Hotels (NYSE: IHG) to Underperform from Hold on valuation following the recent rally as it believes a RevPAR recovery is still some way off.
• UBS downgraded Focus Media (NASDAQ: FMCN) to Neutral from Buy and believes the Sina deal is now reflected in Focus Media's valuation.
• UCBH Holdings (NASDAQ: UCBH) was downgraded to Sell from Neutral at B. Riley.
• Digital Realty (NYSE: DLR) was downgraded to Outperform from Top Pick at RBC Capital.
• AvalonBay (NYSE: AVB) was downgraded to Sell from Neutral at Goldman.

Analyst initiations:

• William Blair initiated Manpower (NYSE: MAN) with a Market Perform rating. The firm prefers to wait for a better entry point into Manpower shares following the recent rally and continued uncertainty about the pace of an economic recovery in Europe.
• Thomas Weisel notes that Descartes Systems (NASDAQ: DSGX) has an established market position and has continued to generate profitable growth during the recession. The firm thinks the stock is attractive at current levels and it set an Overweight rating and $5 target.
• FBR Capital finds the risk/reward on Star Bulk (NASDAQ: SBLK) shares compelling at current levels. Shares were started with an Outperform rating and $6 target.
• Hospira (NYSE: HSP) was initiated with an Outperform rating and $45 target at Raymond James.
• Worthington (NYSE: WOR) was initiated with a Neutral rating and $16 target at Credit Suisse.
• Douglas Emmett (NYSE: DEI) was assumed with an Equal Weight rating and $13 target at Barclays.