Top Analyst Upgrades and Downgrades (ALU, ARMH, BBT, CHKP, CHK, C, CMA, DNDN, DEO, ETP, GRMN, GRPN, HIW, JCP, JNJ, NNI, PBR, RYAAY, SQNM, SIRI, SLG, TRIP, USM, VRTX, VNO, DIS)

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

Alcatel-Lucent S.A. (NYSE: ALU) maintained Underperform at BofA/ML and maintained Hold at Argus, but the latter may discontinue coverage if the stock dips under $1.

ARM Holdings PLC (NASDAQ: ARMH) reiterated Buy and raised price target to $41.50 at BofA/ML.

BB&T Corp. (NYSE: BBT) raised to Buy at BofA/ML.

Check Point Software Technologies Ltd. (NASDAQ: CHKP) added to US 1 List at BofA/ML.

Chesapeake Energy Corp. (NYSE: CHK) maintained Hold but cautious and warns of reinstating Sell rating at Argus.

Citigroup Inc. (NYSE: C) added to US 1 List at BofA/ML.

Comerica Inc. (NYSE: CMA) raised to Neutral at Citi.

Dendreon Corp. (NASDAQ: DNDN) started as Buy at Needham.

Diageo PLC (NYSE: DEO) maintained Buy and target raised 6% at BofA/ML.

Energy Transfer Partners L.P. (NYSE: ETP) raised to Buy at BofA/ML.

Garmin Ltd. (NASDAQ: GRMN) cut to Sell at Goldman Sachs.

Groupon Inc. (NASDAQ: GRPN) cut to Market Perform at William Blair.

Highwoods Properties Inc. (NYSE: HIW) raised to Buy at BofA/ML.

JCPenney Co. Inc. (NYSE: JCP) cut to Underperform at Credit Suisse.

Johnson & Johnson (NYSE: JNJ) cut to Hold at Jefferies.

Nelnet Inc. (NYSE: NNI) Raised to Outperform at Credit Suisse.

Petrobras (NYSE: PBR) cut to Neutral at BofA/ML.

Ryanair Holdings PLC (NASDAQ: RYAAY) cut to Neutral at Citi.

Sequenom Inc. (NASDAQ: SQNM) raised to Buy at Jefferies.

Sirius XM Radio Inc. (NASDAQ: SIRI) reiterated Buy and raised target to $4 at BofA/ML.

SL Green Realty Corp. (NYSE: SLG) raised to Buy at BofA/ML.

TripAdvisor Inc. (NASDAQ: TRIP) raised to Overweight at Morgan Stanley.

US Cellular Corp. (NYSE: USM) raised to Buy at Citi.

Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) cut to Neutral at Credit Suisse.

Voronado Realty Trust (NYSE: VNO) cut to Neutral at BofA/ML.

The Walt Disney Co. (NYSE: DIS) raised to Buy at Citi.

JON C. OGG