These are some of the top analyst upgrades, downgrades and initiations seen in Wall Street research calls this Wednesday.

Applied Materials Inc. (NASDAQ: AMAT) Raised to Neutral at Goldman Sachs.

Ariba Inc. (NASDAQ: ARBA) Cut to Neutral at Goldman Sachs.

The Blackstone Group LP (NYSE: BX) Raised to Buy at Stern Agee.

Capella Education Co. (NASDAQ: CPLA) named Bear of the Day at Zacks.

China Telecom (NYSE: CHA) Raised to Outperform at Credit Suisse.

Dell Inc. (NASDAQ: DELL) Cut to Neutral at Mizuho; Maintained Underperform and target cut to $14 at Credit Suisse.

Dendreon Corporation (NASDAQ: DNDN) Started as Underperform at Jefferies; Maintained Hold with $11 target at Canaccord Genuity.

EMC Corp. (NYSE: EMC) Reiterated Buy with $36 target at Argus.

Facebook, Inc. (NASDAQ: FB) Started as Buy with $40 target at Needham.

GATX Corporation (NYSE: GMT) named Bull of the Day at Zacks.

IntercontinentalExchange, Inc. (NYSE: ICE) Raised to Buy at Deutsche Bank.

Jazz Pharmaceuticals (NASDAQ: JAZZ) Started as Outperform at Credit Suisse.

NASDAQ OMX Group (NASDAQ: NDAQ) Cut to Hold at Deutsche Bank.

Patriot Coal (NYSE: PCX) Cut to Hold at Deutsche Bank.

Procter & Gamble Co. (NYSE: PG) Reiterated Buy with $70 target at Argus.

Starbucks Corporation (NASDAQ: SBUX) Raised to Buy at BofA/ML.

Weyerhaeuser Co. (NYSE: WY) Started as Buy at Goldman Sachs.

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