Analyst downgrades:

• Deutsche Bank downgraded Corporate Executive Board (NASDAQ: EXBD) to Sell from Hold on valuation following the recent run-up in shares and keeps an $18 price target on the stock.
• Canaccord downgraded AEterna Zentaris (NASDAQ: AEZS) to Speculative Buy from Buy and lowered its target to $1.65 from $3.20 following the negative Phase III results for its lead drug cetrorelix in BPH.
• Jesup & Lamont downgraded AAR Corp. (NYSE: AIR) to Sell from Hold on concerns inventory destocking is continuing, placing pressure on financial forecasts. The firm has a $15 target on the stock.
• Westar Energy (NYSE: WR) was downgraded to Neutral from Conviction Buy at Goldman.
• Crucell NV (NASDAQ: CRXL) was downgraded to Sell from Hold at ING Group.

Analyst initiations:

• Oppenheimer initiated Electro-Optical Sciences (NASDAQ: MELA) with an Outperform rating and $11 target. The firm believes Electro-Optical's MelaFind device will become a popular tool of choice for doctors to screen for melanoma.
• KeyBanc initiated CommScope (NYSE: CTV) with a Buy rating and $32 target. The firm believes the company will benefit from increased demand for fixed and mobile bandwidth.
• Stifel Nicolaus believes that Flow International (NASDAQ: FLOW) is poised to benefit from a recovery of energy and power infrastructure in emerging markets. The firm thinks the company's balance sheet is extremely strong and it set a Buy rating and $117 target price.
• J.B. Hunt (NASDAQ: JBHT) was initiated with an Outperform rating at RBC Capital.
• China Mobile (NYSE: CHL) coverage was assumed with an Outperform rating at Credit Suisse.
• Arena Pharma (NASDAQ: ARNA) was initiated with a Market Perform rating at JMP Securities.