Analyst downgrades:

• Citigroup downgraded AMAG Pharmaceuticals (NASDAQ: AMAG) to Hold from Buy after channel checks indicated the launch of Feraheme will be slow and consensus estimates need to come down. The firm lowered its target on shares to $52 from $65.
• Oppenheimer downgraded Cardinal Health (NYSE: CAH) to Perform from Outperform on valuation as it believes the company's turnaround prospects are priced in at current levels. The firm has a $29 target on the stock.
• JPMorgan downgraded Navistar (NYSE: NAV) to Neutral from Overweight on concerns the company could lose market share in 2010 when the emission standard changes take effect. The firm lowered its target on shares to $47 from $56.
• Qualcomm (NASDAQ: QCOM) was downgraded to Buy from Conviction Buy at Goldman.
• Illinois Tool Works (NYSE: ITW) was downgraded to Neutral from Buy at BofA/Merrill.
• BP (NYSE: BP) was downgraded to Neutral from Overweight at HSBC.

Analyst initiations:

• RBC Capital believes Quanta Services (NYSE: PWR) is positioned to benefit from a U.S. capex spending cycle for additional transmission and grid infrastructure. The firm started shares with an Outperform rating and $30 target.
• RBC Capital also initiated First Solar (NASDAQ: FSLR) with a Sector Perform rating and $150 target. The firm expects First Solar shares to be range-bound due to structural oversupply in the solar market and pricing pressures.
• Roth Capital initiated Orion (NASDAQ: OESX) with a Buy rating and $5 target. The firm believes the company has large markets and growth potential, as well as differentiated products.
• Covidien (NYSE: COV) was initiated with an Outperform rating at Wells Fargo.
• Noble Corporation (NYSE: NE) was initiated with a Perform rating at Oppenheimer.
• Pfizer (NYSE: PFE) was initiated at Morgan Stanley with an Overweight rating and $19 target.