Analyst upgrades, downgrades and initiations: VIA, RIMM, ARO, JPM, BMY

Analyst upgrades:

Piper Jaffray upgraded Viacom (NYSE:VIA) to Overweight from Neutral to reflect the improving ad market and better ratings at key cable networks. The firm raised its target on shares to $35 from $29.
Baird upgraded Research in Motion (NASDAQ:RIMM) to Outperform from Neutral on valuation as it views the recent weakness as a buying opportunity. The firm keeps an $84 price target on shares.
Jefferies upgraded Usana (NASDAQ:USNA) to Buy from Hold as it believes direct selling companies have been gaining momentum. The firm raised its target on shares to $44 from $37.
AK Steel (NYSE:AKS) was upgraded to Buy from Hold at Deutsche Bank.
First Merit (NASDAQ:FMER) was upgraded to Perform from Underperform at Oppenheimer.
Spectra Energy (NYSE:SE) was upgraded to Conviction Buy from Neutral at Goldman.

Analyst downgrades:

Goldman downgraded Aeropostale (NYSE:ARO) to Sell from Neutral on valuation and decelerating store profit growth concerns. The firm has a $41 target on shares.
Citigroup downgraded Zimmer (NYSE:ZMH) to Hold from Buy on valuation and concerns that a recovery in the orthopedic market is taking longer than expected. Despite downgrading, Citi raised its target on shares to $56 from $52.
RBC Capital downgraded Odyssey Re (NYSE:ORH) to Sector Perform from Outperform as it expects the acquisition of the company to close by the middle of Q4. The firm set a $65 target.
Starwood Hotels (NYSE:HOT) and Marriott (NYSE:MAR) were downgraded to Hold from Buy at Soleil.
Assurant (NYSE:AIZ) was downgraded to Neutral from Buy at SunTrust.
ArcelorMittal (NYSE:MT) was downgraded to Hold from Buy at RBS.

Analyst initiations:

Wells Fargo expects Bristol-Myers' (NYSE:BMY) new product flow and strategic repositioning to drive above average growth. The firm has an Outperform rating and $25-$27 valuation range on shares.
RBC Capital initiated Vertex (NASDAQ:VRTX) with an Outperform rating and $43 target. The firm thinks the company is well-positioned to become profitable over the next two years.
Roth Capital believes China Natural Gas (NASDAQ:CHNG) is well positioned to benefit from government efforts to develop a clean fuel sector. The firm started shares with a Buy rating and $18 target.
JP Morgan (NYSE:JPM) was initiated with a Strong Buy rating and $60 target at Raymond James.
Cree (NASDAQ:CREE) was initiated with an Overweight rating at JP Morgan.
Dean Foods (NYSE:DF) was initiated with a Hold rating at KeyBanc.