Analyst downgrades:

• Credit Suisse downgraded Devon Energy (NYSE: DVN) to Underperform from Neutral citing the reduced drilling activity and its impact on 2010 drilling volumes. The firm raised its target to $59 from $54.
• Jefferies downgraded Arris (NASDAQ: ARRS) to Underperform from Hold on concerns the company's margins and sales will be pressured as Comcast (NASDAQ: CMCSA) wraps up its initial 3.0 rollout early next year. The firm lowered its target on shares to $9.50 from $12.
• Zimmer Holdings (NYSE: ZMH) was downgraded to Neutral from Buy at UBS, as the firm does not expect Zimmer's unit growth to normalize before 2010. The firm raised its target to $56 from $55.
• International Game Tech (NYSE: IGT) was downgraded to Buy from Conviction Buy at Goldman.
• BP Plc (NYSE: BP) was cut to Hold from Buy at RBS.
• Australia and New Zealand Banking (OTC: ANZBY) was downgraded to Hold from Buy at Citigroup.

Analyst initiations:

• Citigroup assumed Tiffany (NYSE: TIF) with a Buy rating and $50 target. The firm expects Tiffany's same-store sales to be positive in Q4, driving shares higher.
• Wells Fargo believes Allscripts (NASDAQ: MDRX) is well positioned to benefit from a potential increase in physician adoption of electronic health record over the next several years. The firm started shares with an Outperform rating.
• Collins Stewart initiated Marriott (NYSE: MAR) with a Hold rating and expects Marriott's unit growth to slow beginning in 2010.
• Allergan (NYSE: AGN) was initiated with a Neutral rating at JPMorgan.
• Research in Motion (NASDAQ: RIMM) was initiated with an Underperform rating and $60 target at Bernstein.
• tw telecom (NASDAQ: TWTC) was initiated with an Outperform rating and $16 target at RBC Capital.