MOST NOTEWORTHY: AbitibiBowater, GlaxoSmithKline, AstraZeneca and Capital One were today's noteworthy downgrades:

• Lehman downgraded AbitibiBowater (NYSE: ABH) to Equal Weight from Overweight citing dilution from the recent $350M convertible offering, cost pressures, and a more cautious outlook near-term for pulp markets.
  
• JP Morgan cut GlaxoSmithKline (NYSE: GSK) and AstraZeneca (NYSE: AZN) to Underweight from Neutral on long-term earnings growth concerns.
  
• Keefe Bruyette lowered Capital One (NYSE: COF) to Underperform from Market Perform to reflect the company's credit outlook.

OTHER DOWNGRADES:

• Nokia (NYSE: NOK) was downgraded to Neutral from Buy at UBS and to Underweight from Overweight at JP Morgan.
  
• Textron (NYSE: TXT) was cut at Credit Suisse to Neutral from Outperform.
  
• Merriman downgraded Blue Coat Systems (NASDAQ: BCSI) to Neutral from Buy.

MOST NOTEWORTHY: Nokia, Thornburg Mortgage and AbitibiBowater were today's noteworthy upgrades:

• Oppenheimer upgraded shares of Nokia (NYSE: NOK) to Outperform from Perform on valuation following the recent weakness, as their checks indicate demand remains solid. WestLB raised Nokia to Buy from Add on valuation, as they believe concerns about Chinese demand are overdone.
  
• Bear believes Thornburg Mortgage (NYSE: TMA) is much more likely to survive given liquidity from the Fed's Term Securities Lending Facility. Bear upgraded Thornburg to Peer Perform from Underperform.
  
• BMO Capital upgraded AbitibiBowater (NYSE: ABH) to Market Perform from Underperform citing the company's $496M private debt exchange offer.

OTHER UPGRADES:

• JMP raised Cash America (NYSE: CSH) to Outperform from Market Perform.
  
• Veolia Environment (NYSE: VE) was upgraded to Buy from Neutral at Goldman.
  
• Deutsche Bank raised Groupe Danone (OTC: GDNNY) to Buy from Hold.

MOST NOTEWORTHY: FreeSeas, Nektar, Altus Pharmaceuticals and AbitibiBowater were today's noteworthy initiations:

• Cantor initiated shares of FreeSeas (NASDAQ: FREE) with a Buy rating and $10 target, as they expect the company to benefit from the continued strength in the dry bulk market.
  
• JP Morgan resumed coverage of Nektar (NASDAQ: NKTR) with an Overweight rating, as they view weakness from the discontinuation of Exubera as a buying opportunity given the company's base royalty business and pipeline opportunities.
  
• Altus Pharmaceuticals (NASDAQ: ALTU) was initiated with a Buy rating and $19 target at Jefferies. The firm expects news flow from the company's two lead products over the next 6-12 months that should act as catalysts.
  
• AbitibiBowater (NYSE: ABH) was initiated with a Sell rating and $18 target at Banc of America, as they are cautious on newsprint trends; the firm recommends reducing existing positions.

OTHER INITIATIONS:

• Caris initiated Collective Brands (NYSE: PSS) with an Average rating and $18 target and Under Armour (NYSE: UA) with an Above Average rating.
  
• Stifel started shares of Patriot Coal (NYSE: PCX) with a Hold rating.
  
• PetroChina (NYSE: PTR) was initiated with a Sell rating at Goldman.

MOST NOTEWORTHY: The medical supplies and devices sector, East West Bancorp, Tempur Pedic and AbitibiBowater were today's noteworthy initiations:

• Credit Suisse initiated the medical supplies and devices sector with a Market Weight rating and started shares of Edwards Lifesciences (NYSE: EW) and Becton, Dickinson and Co (NYSE: BDX) with Outperform ratings and Medtronic (NYSE: MDT) and Boston Scientific (NYSE: BSX) with Neutral ratings.
  
• East West Bancorp (NASDAQ: EWBC) was initiated with a Buy rating and $36 target at B. Riley; the firm's target implies a 23.1% potential total return over the next twelve months including the stock's 1.35% dividend yield.
  
• Tempur Pedic (NYSE: TPX) was started with an Outperform rating at William Blair, as they find the current valuation attractive for long-term investor given the company's strong position in the specialty sleep products.
  
• Deutsche Bank resumed coverage of AbitibiBowater (NYSE: ABH) with a Hold rating and $29 target, citing the strength of the Canadian dollar and difficult newsprint fundamentals.

OTHER INITIATIONS:

• Banc of America initiated shares of JA Solar (NASDAQ: JASO) and Trina Solar (NYSE: TSL) with Buy ratings and targets of $73 and $76, and initiated Horizon Lines (NYSE: HRZ) and Solarfun Power (NASDAQ: SOLF) with Neutral ratings and targets of $34 and $14.