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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: Quicksilver Gas Services, Hireright, DaimlerChrysler and Masimo were today's noteworthy initiations:

AG Edwards initiated Quicksilver Gas Services (NYSE: KGS) with a Buy rating and $26 target as the firm believes the company's distribution growth has high visibility, based on its current asset base and the possibility of third-party acquisitions. UBS initiated shares with a Buy rating and $34 target.
Hireright (NASDAQ: HIRE) was initiated with a Market Perform rating and $13 target at Piper Jaffray, as the firm believes the company's distribution growth has high visibility, based on its current asset base and the possibility of third-party acquisitions. CIBC is positive on Hireright's extensive solution set and strategic alliances and initiated shares with a Sector Outperformer rating.
DaimlerChrysler (NYSE: DAI) was started at Bear Stearns with an Outperform rating. Following the Chrysler transaction, Bear expects Daimler to raise its margin guidance now that the company can focus on its truck platform.
Masimo Corporation (NASDAQ: MASI) was initiated with an Outperform rating at Piper Jaffray, as the firm believes the company's "best in class" technology will drive continued pulse oximetry share gains. Cowen initiated shares with a Neutral rating on valuation and Deutsche Bank started shares with a Buy rating and $30 target..

OTHER INITIATIONS:

TD Newcrest started shares of Vitran Corporation (NASDAQ: VTNC) with a Hold rating.
Lazard started shares of E-House China Holdings (NYSE: EJ) with a Buy rating; CIBC initiated shares with a Sector Outperformer rating and $25 target.
Rodman & Renshaw initiated shares of Iomai Corporation (NASDAQ: IOMI) with a Market Outperform rating and $4.25 target.