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Analyst upgrades, downgrades and initiations: WTR, GIL, STT, EHTH, AKZOY, MEOH, UTHR and HGG

Analyst upgrades:

Janney Montgomery upgraded Aqua America (NYSE: WTR) to Buy from Neutral on valuation, viewing the recent weakness as a buying opportunity. The firm has a $19 target on the stock.
UBS upgraded Gildan Activewear (NYSE: GIL) to Buy from Neutral due to customer Broder's improved liquidity and the improved outlook for margins.
RBC Capital upgraded State Street (NYSE: STT) to Top Pick from Outperform and raised its target to $55 from $40. The analyst said the $2B capital raise addresses TCE ratio concerns and large unrealized losses in the investment portfolio.
Sherwin-Williams (NYSE: SHW) was upgraded to Overweight from Neutral at JP Morgan.
Advance Auto Parts (NYSE: AAP) was upgraded to Buy from Underperform at Banc of America/Merrill.
M&T Bank (NYSE: MTB) was upgraded to Outperform from Market Perform at Bernstein.

MOST NOTEWORTHY: Banco Santander, Solera, FTI Consulting and Blue Coat Systems were today's noteworthy initiations:

Societe Generale expects the Banco Santander's (NYSE: STD) strong organic growth in earnings to continue with the purchase of ABN Amro's (NYSE: ABN) assets in Brazil and Italy, starting shares off with a Buy rating. Shares were started at Merrill Lynch with a Neutral rating.
William Blair initiated Solera Holdings (NYSE: SLH) with an Outperform rating, as they believe underlying trends for auto insurance claims are favorable.
FTI Consulting (NYSE: FCN) was initiated at Deutsche Bank, as they believe the company is positioned to sustain double-digit growth, and with a Buy rating and $65 target and at Goldman with a Neutral rating and $62 target.
Pacific Crest initiated Blue Coat Systems (NASDAQ: BCSI) with a Sector Perform rating on valuation and estimates fair value at $50/share.

OTHER INITIATIONS:

BNP Paribas started shares of China Netcom (NYSE: CN) and China Telecom (NYSE: CHA) with Buy ratings and China Mobile Limited (NYSE: CHL) with a Hold rating.
Cosan Limited (NYSE: CZZ) was initiated with a Neutral rating at Goldman.
Methanex Corporation (NASDAQ: MEOH) was started at HSBC with an Overweight rating.

MOST NOTEWORTHY: BEA Systems, Nokia, Medco Health, Quest Diagnostics and PetSmart were today's noteworthy downgrades:

Citigroup downgraded shares of BEA Systems (NASDAQ: BEAS) to Hold from Buy on valuation following the $17/share offer by Oracle (NASDAQ: ORCL) as they think a public bidding war for the company is unlikely.
ABN Amro downgraded shares of Nokia Corporation (NYSE: NOK) to Hold from Buy on valuation and believes above consensus Q3 results are already priced into shares.
Wachovia downgraded Medco Health Solutions (NYSE: MHS) to Market Perform from Outperform on valuation.
The firm also downgraded Quest Diagnostics (NYSE: DGX) to Market Perform from Outperform, as they believe the prospects from stabilizing volumes and cost savings are reflected in valuation and Street estimates.
Credit Suisse downgraded shares of PetSmart (NASDAQ: PETM) to Neutral from Outperform citing aggressive pricing at Petco, accelerating growth initiatives, limited visibility around expense management, and lack of consistent results.

OTHER DOWNGRADES:

Methanex Corporation (NASDAQ: MEOH) was downgraded to Sector Underperformer from Sector Performer at CIBC.
Rochdale downgraded Heico Corporation (NYSE: HEI) to Neutral from Buy.
JP Morgan downgraded BankUnited Financial Corp (NASDAQ: BKUNA) to Neutral from Outperform and removed Qwest Communications (NYSE: Q) from its Focus List.
Goldman removed MetLife (NYSE: MET) from its Conviction Buy List.
Coldwater Creek (NASDAQ: CWTR) was downgraded to Hold from Buy at Standford and at Stifel.

MORE NOTEWORTHY: The aluminum sector, National City Corp (NCC), MGM Mirage (MGM) and Domtar Corp (UFS) were some of today's notable downgrades:

Prudential downgraded the aluminum industry to Unfavorable from Favorable, cutting cut Alcoa Inc (NYSE: AA) to Neutral from Overweight and Alcan Inc (NYSE: AL) to Underweight from Overweight. Prudential cited the increased Chinese output growth and slowing U.S. demand for aluminum for the downgrades.

Keefe Bruyette cut National City Corp (NASDAQ: NCC) to Underperform from Market Perform based on higher credit costs and near-term capital requirements.

MGM Mirage (NYSE: MGM) was downgraded to Sell from Hold at Matrix USA citing valuation.

Citigroup cut Domtar Corp (NYSE: UFS) to Sell from Hold with a $9 target based on valuation.

OTHER DOWNGRADES:

Dow Chemical Co (NYSE: DOW) was removed from Credit Suisse's U.S. Focus List.

Prudential cut Dean Foods Co (NYSE: DF) to Neutral from Buy based on valuation and volatile short-term raw milk prices.

Barrington downgraded Cintas Corp (NASDAQ: CTAS) to Market Perform from Outperform with a $40 target based on poor Q3 earnings and lower revised guidance.