Analyst downgrades:

• JPMorgan downgraded AGCO Corp. (NYSE: AGCO) to Underweight from Neutral on concerns the downturn in the European agriculture equipment industry will continue. The firm has a $27 price target on shares.
• Soleil downgraded Valero Energy (NYSE: VLO) to Sell from Buy on concerns refining margins could remain weak, climate law changes could hurt earnings, and write-offs could be announced due to impairments. The firm lowered its target on shares to $17 from $25.
• Thomas Weisel downgraded Itron (NASDAQ: ITRI) to Underweight from Market Weight based on rich valuation.
• JetBlue (NASDAQ: JBLU) was downgraded to Equal Weight from Overweight at Barclays.
• SXC Health Solutions (NASDAQ: SXCI) was downgraded to Hold from Buy at ThinkEquity.
• Penn Virginia (NYSE: PVA) was downgraded to Neutral from Buy at SunTrust.

Analyst initiations:

• Deutsche Bank believes a cyclical recovery is largely priced into Sonoco Products (NYSE: SON) shares. The firm started shares with a Hold rating and $31 target.
• Merriman assumed General Steel (NASDAQ: GSI) with a Buy rating and believes the current valuation in shares likely limits downside risk.
• Capstone said Lululemon (NASDAQ: LULU) has plenty of room for growth and notes that competition is "scarce." The firm initiated shares with a Buy rating and $28 target.
• Deutsche Telekom (NYSE: DT) was initiated with a Buy rating at ING Group.
• Tractor Supply (NASDAQ: TSCO) was initiated with an Underweight rating and $44 target at JPMorgan.
• First Merit (NASDAQ: FMER) was initiated with an Outperform rating at Raymond James.