tic initiates COV & VAR (ow's) ••• Multiple BFAM initiations, Citi downgrades JCP, GS removes QCOM from conviction buy ••• Jefferies downgrades MR, Piper initiates PPHMNNDANVUS (ow's) & CLVS (neut) & NAVB (uw) ••• KBW upgrades ICE, Roth initiates CYTX (buy), WBlair initiates BMY (op), Maxim initiates CHS (buy) ••• FIG init