Analyst downgrades:

• Piper Jaffray downgraded MedAssets (NASDAQ: MDAS) to Neutral from Overweight on concerns the Senate inquiry into hospital group purchasing organizations poses headline risk and competition could bring pricing pressure. The firm keeps a $22 target on shares.
• JMP Securities believes eHealth's (NASDAQ: EHTH) core business is deteriorating while customer acquisition costs are rising. The firm downgraded shares to Underperform from Market Perform.
• Wunderlich downgraded Waste Management (NYSE: WM) to Hold from Buy on concerns falling electricity rates are overshadowing the company's solid waste performance. The firm has a $30 target on the stock.
• DuPont (NYSE: DD) was downgraded to Neutral from Buy at Goldman.
• Check Point (NASDAQ: CHKP) was downgraded to Market Perform from Outperform at FBR Capital.
• Popular (NASDAQ: BPOP) was downgraded to Neutral from Buy at B. Riley.

Analyst initiations:

• Jefferies believes Life Time Fitness's (NYSE: LTM) business environment has improved, and sees upside to 2009 consensus estimates. The firm started shares with a Buy rating and $35 target.
• FBR Capital initiated Southern Copper (NYSE: PCU) with a Market Perform rating and $25 target. The firm recommends investors wait for a more attractive entry point into Southern Copper shares.
• Soleil believes elevated credit costs and portfolio marks could make Zions Bancorp (NASDAQ: ZION) need additional capital. Shares were assumed with a Hold rating and $17.50 target.
• Vulcan Materials (NYSE: VMC) was initiated with a Market Perform rating at Morgan Keegan.
• CareFusion (NYSE: CFN) was initiated with an Overweight rating and $23 target at Morgan Stanley.
• Franklin Resources (NYSE: BEN) was started at Barclays with an Overweight rating and $104 target.