Analyst downgrades:

• Jefferies downgraded Synaptics (NASDAQ: SYNA) to Underperform from Hold after its channel checks indicated the company's Q4 orders are tracking below guidance due to market share loss and negative mix shift. The firm lowered its target on shares to $16 from $26.
• Credit Suisse downgraded Ameriprise (NYSE: AMP) and Metlife (NYSE: MET) to Neutral from Outperform and said they do not see material upside for either over the next 12 months.
• Pali Capital downgraded Great Atlantic & Pacific Tea (NYSE: GAP) and SuperValu (NYSE: SVU) to Sell from Neutral citing valuation and upcoming data that they believe will illustrate how fundamentals continue to deteriorate and that near-term structural competitive pressures could materialize.
• Goldman Sachs (NYSE: GS) was downgraded to Neutral from Buy at Meredith Whitney Advisory.
• Joy Global (NASDAQ: JOYG) was downgraded to Hold from Buy at KeyBanc.
• Carrizo Oil & Gas (NASDAQ: CRZO) was downgraded to Neutral from Buy at SunTrust.

Analyst initiations:

• Deutsche Bank believes Citigroup (NYSE: C) is well positioned versus other banks and finds the valuation attractive at current levels. The firm expects the government's ownership stake to be reduced soon. Shares were initiated with a Buy rating and $5.50 target.
• Jefferies believes QLogic (NASDAQ: QLGC) should benefit from improving demand trends and views the company as a good acquisition target. The firm started shares with a Buy rating and $22 target.
• Auriga initiated F5 Networks (NASDAQ: FFIV) with a Buy rating and $48 target. The firm believes F5's lead in application delivery controllers is likely to grow.
• Fifth Third Bancorp (NASDAQ: FITB) was reinitiated with an Outperform rating and $12 target at FBR Capital.
• U.S. Bancorp (NYSE: USB) was reinstated with a Buy rating and $28 target at BofA/Merrill.
• Zions Bancorp (NASDAQ: ZION) was initiated with an Outperform rating and $26 target at Bernstein.