Top Analyst Upgrades and Downgrades (ADTN, ATI, AIG, BYD, CLF, G, HON, INTC, IBM, KMP, ONXX, P, RAX, RSG, SN, TIBX, TUP, UTX, PAY, WM, WWAV)

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

ADTRAN Inc. (NASDAQ: ADTN) cut to Sell at Citigroup.

Allegheny Technologies Inc. (NYSE: ATI) named Bear of the Day at Zacks.

American International Group Inc. (NYSE: AIG) raised to Buy with $40 target at Argus.

Boyd Gaming Corp. (NYSE: BYD) started as Outperform with $7 target at Credit Suisse.

Cliffs Natural Resources Inc. (NYSE: CLF) cut to Sector Perform at RBC.

Genpact Ltd. (NYSE: G) started as Neutral at Goldman Sachs.

Honeywell International Inc. (NYSE: HON) started as Buy at Stifel Nicolaus.

Intel Corp. (NASDAQ: INTC) cut to Underperform at Raymond James.

International Business Machines Corp. (NYSE: IBM) reiterated Buy with $235 target at Argus.

Kinder Morgan Energy Partners L.P. (NYSE: KMP) maintained Outperform but cut estimates and target to $92 at Credit Suisse.

Onyx Pharmaceuticals Inc. (NASDAQ: ONXX) named as Bull of the Day at Zacks.

Pandora Media Inc. (NYSE: P) maintained Neutral but cut target to $10 from $13 at Credit Suisse.

Rackspace Hosting Inc. (NYSE: RAX) started as Overweight at J.P. Morgan.

Republic Services Inc. (NYSE: RSG) raised to Conviction Buy List at Goldman Sachs.

Sanchez Energy Corp. (NYSE: SN) started as Sector Perform at RBC.

TIBCO Software Inc. (NASDAQ: TIBX) cut to Neutral at BofA/ML.

Tupperware Brands Corp. (NYSE: TUP) raised to Buy with $72 target at Argus.

United Technologies Corp. (NYSE: UTX) started as Neutral at Goldman Sachs.

VeriFone Systems Inc. (NYSE: PAY) raised to Buy at UBS.

Waste Management Inc. (NYSE: WM) raised to Buy at Goldman Sachs.

WhiteWave Foods Co. (NYSE: WWAV) started as Buy at SunTrust Robinson Humphrey, started as Overweight at J.P. Morgan and started as Outperform at CLSA.

Want to see 2013 S&P 500 targets? Here are the price targets for up to more than 20% total market upside with projections from everyone.

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JON C. OGG