Analyst downgrades:

• Oppenheimer downgraded Adobe (ADBE) to perform from outperform as it no longer finds the risk/reward on shares attractive and feels the operating environment remains challenging following the company's headcount reduction.
• Citigroup downgraded Allegheny Energy (AYE) to hold from buy to reflect concerns surrounding the company's procurement auction profits and hedges. The firm lowered its target on shares to $23 from $33.
• JPMorgan downgraded Tyson Foods (TSN) to neutral from overweight. The firm still believes the company's Q3 results will top expectations, but downgraded shares to reflect valuation and the recent rise in corn and hog prices. JPMorgan has a $12 target price on the stock.
• GameStop (GME) was downgraded to buy from conviction buy at Goldman.
• JA Solar (JASO) was downgraded to sector perform from outperform at RBC Capital.
• China Digital (STV) was downgraded to neutral from overweight at Piper Jaffray.

Analyst initiations:

• Bernstein initiated Hyatt (H) with an underperform rating. The firm thinks that a recovery in the lodging sector will occur later than reflected by the sector's stocks, and the firm believes that Hyatt's returns are lagging those of its peers. The firm set a $24 target on the stock.
• Thomas Weisel believes that Echo Global (ECHO) is poised to gain market share and increase its margins. The firm set an overweight rating and $18 target on the stock. Barrington finds Echo Global attractively valued given the company's earnings and revenue growth. The firm started shares with an Outperform rating and $18 target.
• Education Management (EDMC) was initiated with a buy rating and $26 target at BofA/Merrill, with a neutral rating and $22 target at Credit Suisse, with a neutral rating and $25 target at Baird, and with an overweight rating and $27 target at Barclays.
• Halliburton (HAL) and Baker Hughes (BHI) were initiated with buy ratings and targets of $38 and $5, respectively, at Canaccord.
• Wynn Resorts (WYNN) coverage was resumed with a buy rating at BofA/Merrill.
• Cameron (CAM) was initiated with a positive rating and $48 target at Susquehanna.