Analyst downgrades:

• Jefferies downgraded AMAG Pharmaceuticals (NASDAQ: AMAG) to Hold from Buy on concerns Feraheme's potential in dialysis is modest, making consensus estimates likely too high. The firm lowered its target on shares to $44 from $60.
• Canaccord downgraded ResMed (NYSE: RMD) to Hold from Buy citing slowing growth from difficult comps, currency headwinds, and a potential new product cycle. The firm has a $48 target on the stock.
• Deutsche Bank downgraded Valero Energy (NYSE: VLO) to Sell from hold on concerns oil demand will fall over the long term. The firm has a $15 price target on shares.
• Advanced Micro (NYSE: AMD) was downgraded to Market Perform from Outperform at FBR Capital.
• Amicus Theraputics (NASDAQ: FOLD) was downgraded to Neutral from Overweight at JPMorgan.
• Fifth Third Bancorp (NASDAQ: FITB) was downgraded to Buy from Conviction Buy at Goldman.

Analyst initiations:

• RBC Capital believes Suncor's (NYSE: SU) oil sands holdings following its merger with Petro-Canada will enable it to grow its production 3% to 5% in the long-term. The firm set an outperform rating and $50 target.
• JPMorgan started TiVo (NASDAQ: TIVO) with a Neutral rating and $15 target, citing uncertainty over the timing of legal settlements and MSO partnerships.
• Merriman recommends buying DepoMed (NASDAQ: DEPO) ahead of the company's Phase III trail results for Serada for menopausal hot flashes, and DM-1796 for post-herpetic neuralgia. The firm has a Buy rating and $10-$13 price target range on shares.
• Conexant (NASDAQ: CNXT) was initiated with an Outperform rating and $5 target at Oppenheimer.
• ArcelorMittal (NYSE: MT) was initiated with an Overweight rating at HSBC.
• Iridium (NASDAQ: IRDM) was initiated with a Hold rating at Stifel Nicolaus.