downgrades GRPN Key Research: Janney downgrades NWY, CLSA initiates ARW/AVT/TECD (op) & IM (uw) Key Research: UBS initiates PANW (neut) & upgrades MCRO LN and ELN (buy), Piper initiates KYAK (neut) Key Research: DB downgrades SGMS & initiates KYAK (buy), Bofa downgrades VALE, GS cuts DOM LN Key Rese