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Analyst downgrades: TRX, WSH, SNV, TWB, GYMB, AACC, OEH

MOST NOTEWORTHY: Tronox, Willis Group and Synovus FInancial were today's noteworthy downgrades:

Lehman downgraded Tronox (NYSE: TRX) to Underweight from Equal Weight citing increased costs in freight, process, and energy costs, and end market weakness.
Citigroup downgraded shares of Willis Group (NYSE: WSH) to Hold from Buy as they believe the acquisition of Hilb, Rogal and Hobbs (NYSE: HRH) will limit margins and stock upside through 2009. Citigroup lowered their target price to $36 from $40.
Morgan Keegan downgraded Synovus Financial (NYSE: SNV) to Market Perform from Outperfrom citing concerns related to potential losses to the construction and development portfolio and a likely dividend cut.

OTHER DOWNGRADES:

Tween Brands (NASDAQ: TWB) and Gymboree (NASDAQ: GYMB) were downgraded to Market Perform from Outperform at Friedman Billings.
Jefferies cut Asset Acceptance (NASDAQ: AACC) to Underperform from Hold.
Merill downgraded Orient-Express (NYSE: OEH) to Underperform from Neutral.

MOST NOTEWORTHY: Forest Laboratories Inc (FRX), The St. Joe Co (JOE) and Tyco Int'l Ltd (TYC) topped today's list of downgrades:

Following the withdrawal of Orapem, Forest Laboratories Inc (NYSE: FRX) was downgraded to Sell from Hold at Citigroup, with a $47 target, given the company's dependence on two products and early stage pipeline.

The St. Joe Co (NYSE: JOE) was downgraded to Underperform from Market Perform at Wachovia, citing valuation and secondary-home sale activity which continues to pressure steady primary-home activity in core markets; BB&T also downgraded St. Joe, to Hold from Buy on valuation.

Deutsche Bank downgraded Tyco Int'l Ltd (NYSE: TYC) to Hold from Buy on valuation with a $33 target, as they find shares fairly valued heading into the separation.

OTHER DOWNGRADES:

Bank of America downgraded Alltel Corp (NYSE: AT) to Neutral from Buy on valuation and lowered its target to $58 from $66.

UBS downgraded Sohu.com Inc (NASDAQ: SOHU) to Neutral from Buy, with a $28 target, following second-quarter results. Lehman Brothers downgraded Sohu.com to Equal Weight from Overweight on the news.

Merrill also downgraded Ingersoll-Rand Co Ltd (NYSE: IR) to Neutral from Buy, citing weakness in the residential market and execution uncertainty for the downgrade.