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Analyst upgrades, downgrades and initiations: AIZ, RIMM, ING, URBN ...

Analyst upgrades:

Merrill believes Assurant (NYSE: AIZ) is well-positioned to weather the turmoil in the capital markets environment and cites the company's defensive characteristics for the upgrade. The firm upgraded shares to Buy from Neutral.
Deutsche Bank upgraded R.H. Donnelly (NYSE: RHD) to Hold from Sell to reflect the company's cost cuts and its ability to buy back bonds at discounted prices.
Citigroup raised Consol Energy (NYSE: CNX) to Buy from Hold on valuation as they are seeing no fundamental deterioration in coal.
Research in Motion (NASDAQ: RIMM) was upgraded to Neutral from Underperform at Credit Suisse.
Raymond James raised shares to Outperform from Market Perform.
Penske Automotive (NYSE: PAG) was upgraded to Add from Neutral at Calyon.
ICF International (NASDAQ: ICFI) was lifted to Overweight from Equal Weight at Stephens.

Analyst downgrades:

Deutsche Bank downgraded Research in Motion (NASDAQ: RIMM) to Sell from Hold after the company reported Q2 results to reflect a deceleration in growth and margin pressures. RIMM's target was lowered to $70 from $120. RBC Capital downgraded Research in Motion to Sector Perform from Outperform citing reduced margin visibility and the slowing macroeconomic environment.
Stephens downgraded Vitran (NASDAQ: VTNC) and Saia (NASDAQ: SAIA) to Equal Weight from Overweight to reflect the companies' deteriorating demand and pricing environment. Vitran's target was cut to $15 from $22 and Saia's was lowered to $16 from $24.
Mentor (NYSE: MNT) was downgraded to hold from Buy at Jefferies to reflect continued weakness in the breast implant market and the potential for lowered guidance. Mentor's target was lowered to $31 from $36.
Merrill cut ING Group (NYSE: ING) to Underperform from Neutral.
CF Industries (NYSE: CF) was downgraded at Citigroup to Hold from Buy.
Liberty Interactive (NASDAQ: LINTA) was lowered to Sell from Hold at Natixis.

Analyst initiations:

Suntrust initiated Idexx Laboratories (NASDAQ: IDXX) with a Neutral rating, citing slowing organic revenue growth, valuation and a slowing lab business.
Jefferies initiated Urban Outfitters (NASDAQ: URBN) with a Hold rating and $33 target. The firm prefers to stay on sidelines due to valuation and macro risks.
Hersha Hospitality (NYSE: HT) was assumed with a Market Perform rating and $7.50 target at Keefe Bruyette. The firm believes near-term demand trends in New York City could slow.
Ecolab (NYSE: ECL) was initiated at Baird with a Neutral rating and $54 target.
KeyBanc assumed ENGlobal (NASDAQ: ENG) with a Hold rating.
Piper initiated Pentair (NYSE: PNR) with a Neutral rating and $39 target.

MOST NOTEWORTHY: Abercrombie & Fitch, ENGlobal Corp and Wausau Paper were today's noteworthy initiations:

Morgan Keegan initiated Abercrombie & Fitch (NYSE:ANF) with a Market Perform citing lack of comp momentum and the outlook for consumer spending.
Jesup & Lamont expects ENGlobal's (NASDAQ:ENG) earnings momentum to remain in place due to sustained demand for energy products. Shares were initiated with a Buy rating and $13.25 target.
Soleil expects Wausau Paper (NASDAQ:WPP) shares to be driven by its value-added market focus, product innovation and improved mix. Shares were assumed with a Buy rating.

OTHER INITIATIONS:

Citigroup assumed coverage of XM Satellite Radio (NASDAQ:XMSR) with a Hold rating from Buy, and a $12.25 target from $17. The firm also assumed Sirius Satellite (NASDAQ:SIRI) with a Buy rating and $8 target from $4.25.
Morgan Stanley initiated MarkWest Energy (NYSE:MWE) with an Overweight rating.
Soleil initiated Potash (NYSE:POT) with a Hold rating.