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Analyst downgrades: Regional banks, SBUX and MEDX

MOST NOTEWORTHY: Regional banks, Starbucks and Medarex were today's noteworthy downgrades:

Keefe Bruette downgraded regional banks, including Cullen/Frost Bankers (NYSE:CFR) and Susquehanna Bancshares (NASDAQ:SUSQ) to Market Perform from Outperform and BB&T Corp (NYSE:BBT) to Underperform from Market Perform, on valuation and new economic baseline.
Goldman downgraded shares of Starbucks (NASDAQ:SBUX) to Neutral from Buy on U.S. competition and consumer demand concerns.
Bear lowered its rating on Medarex (NASDAQ:MEDX) to Peer Perform from Outperform

OTHER DOWNGRADES:

MOST NOTEWORTHY: Select pharmaceutical companies, timber companies and Kona Grill Inc (NASDAQ: KONA) and were today's noteworthy initiations:

Medarex Inc (NASDAQ: MEDX) was initiated with a Positive rating at Susquehanna. The firm said Medarex has multiple drivers include a potential buyout by one of its existing partners, as well as clinical progress and the success of its technology platform in monoclonal antibody therapeutics.
Susquehanna also initiated shares of Dyax Corporation (NASDAQ: DYAX), Millennium Pharmaceuticals Inc (NASDAQ: MLNM), and Idera Pharmaceuticals Inc (AMEX: IDP) with Neutral ratings and Dynavax Technologies Corporation (NASDAQ: DVAX) and Coley Pharmaceutical Group Inc (NASDAQ: COLY) with Positive ratings.
Rayonier Inc (NYSE: RYN), Plum Creek Timber Company Inc (NYSE: PCL) and Weyerhaeuser Company (NYSE: WY) were initiated with Buy ratings at Merrill Lynch.
Kona Grill was initiated with an Outperform rating at Cowen. The firm believes Kona can grow its asset base 10-fold at strong store-level cash-on-cash ROICs.

OTHER INITIATIONS:

Jefferies initiated shares of Input/Output Inc (NYSE: IO) with a Buy rating and $19 target.
Goldman Sachs initiated shares of Minerals Technologies Inc (NYSE: MTX) with a Buy rating and $80 target.
JP Morgan initiated shares of Orexigen Therapeutics Inc (NASDAQ: OREX) with an Overweight rating and is positive on the company's obesity pipeline.