MOST NOTEWORTHY: Georgia Gulf, Sohu.com and I-flow were today's noteworthy downgrades:

• Citigroup downgraded Georgia Gulf (NYSE: GGC) to Sell from Hold to reflect the deteriorating fundamentals in North American housing, and their belief that the company is increasingly likely to break its debt covenant ratio.
  
• Deutsche Bank downgraded shares of Sohu.com (NASDAQ: SOHU) to Hold from Buy on valuation and expects 2009 growth to be modest.
  
• Piper cut I-Flow (NASDAQ: IFLO) to Sell from Neutral following the weak Q1 report and guidance.

OTHER DOWNGRADES:

• Morgan Stanley downgraded Coca-Cola Femsa (NYSE: KOF) to Equal Weight from Overweight.
  
• Goldman removed Teva Pharma (NASDAQ: TEVA) from its Conviction Buy List.
  
• Aqua America (NYSE: WTR) was cut to Market Perform from Outperform at Wachovia.
  
• JP Morgan lowered PetroChina (NYSE: PTR) to Underweight from Neutral.

MOST NOTEWORTHY: ValueClick, Inc (VCLK), aQuantive, Inc (AQNT), Cigna Corp (CI), Warner Music Group (WMG), Clear Channel Communications, Inc (CCU) and Medtronic, Inc (MDT) were today's more notable downgrades:

• Baird cut ValueClick Inc (NASDAQ: VCLK) to Neutral from Outperform, citing the FTC inquiry.

• aQuantive (NASDAQ: AQNT) was downgraded to Sell from Buy after the company was acquired by Microsoft (MSFT) and because aQuantive no longer trades on fundamentals. Kaufman and Gabelli also cut aQuantive to Hold from Buy.

• Cigna (NYSE: CI) was downgraded at Prudential to Neutral from Overweight on valuation.

• Warner Music Group's (NYSE: WMG) downgrade to Sell from Neutral at Pali Research was based on the lower industry outlook, which Pali believes revenues are likely to fall at least 10% for the industry in 2007, along with the company's release schedule.

• Bear Stearns downgraded Clear Channel Communications (NYSE: CCU) to Peer Perform from Outperform on the acceptance of the higher bid.

• Medtronic Inc (NYSE: MDT) was downgraded to Underweight from Equal Weight at Morgan Stanley...

OTHER DOWNGRADES:

• Georgia Gulf Corp (NYSE: GGC) was downgraded to Sell from Hold at Matrix USA.

• Stifel cut Core Laboratories (NYSE: CLB) to Hold from Buy.

• UBS downgraded Intuit Inc (NASDAQ: INTU) to Neutral from Buy.

• Occidental Petroleum Corp (NYSE: OXY) was removed from Goldman's Conviction Buy list.

• Friedman Billings downgraded downgraded CapitalSource, Inc (NYSE: CSE) and Countrywide Financial Corp (NYSE: CFC) to Market Perform from Outperform.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).