Analyst downgrades:

• Goldman downgraded Clorox (NYSE: CLX) to Neutral from Buy citing relative valuation, limited exposure to emerging markets, and higher resin prices. The firm cut its price target to $66 from $65. Note that Goldman upgraded Colgate to Buy from Neutral.
• Oppenheimer downgraded Best Buy (NYSE: BBY) to Perform from Outperform on valuation and believes the company's Q2 results next week are unlikely to be a positive catalyst. The firm has a $44 target on the stock.
• Cowen downgraded News Corp. (NASDAQ: NWS) and CBS (NYSE: CBS) to Underperform from Neutral citing full valuation and a negative outlook for an advertising recovery.
• Nokia (NYSE: NOK) was downgraded to Neutral from Outperform at RW Baird.
• Electronic Arts (NASDAQ: ERTS) was downgraded to Neutral from Buy at BofA/Merrill.
• RealNetworks (NASDAQ: RNWK) was downgraded to Underweight from Neutral at JPMorgan.

Analyst initiations:

• FBR Capital believes Vocus (NASDAQ: VOCS) has a dominant competitive position in the public relations automation market and finds the stock attractively valued at current levels. Shares were started with an Outperform rating and $22 target.
• FBR also initiated Concur Tech (NASDAQ: CNQR) with an Outperform rating and $44 target. FBR believes Concur is the dominant player in the travel and expense management software business.
• Roth Capital initiated Gardner Denver (NYSE: GDI) with a Buy rating and $40 target. Roth believes the company is poised to increase its margins significantly.
• Lloyds Banking (NYSE: LYG) was initiated with a Buy rating at Societe Generale.
• EMC Corp. (NYSE: EMC) was initiated with a Perform rating at Oppenheimer.
• Rent-A-Center (NASDAQ: RCII) was initiated with a Market Perform rating at Raymond James.