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

Anheuser-Busch InBev S.A. (NYSE: BUD) cut to Reduce at Nomura.

Apple Inc. (NASDAQ: AAPL) has seen its estimates trimmed by many analysts, but few formal downgrades as no one wants to throw the towel in on the stock. Until now: Pacific Crest cut the rating to Sector Perform from Outperform. Also, we warned yesterday that there is $60 to $75 worth of dead air per share if it cannot get back above $500 soon.

ARM Holdings PLC (NASDAQ: ARMH) cut to Neutral at UBS.

Atmel Corp. (NASDAQ: ATML) reiterated Buy and raised price target to $8 at Canaccord Genuity.

Boeing Co. (NYSE: BA) maintained Buy but removed the prized Conviction Buy List at Goldman Sachs.

Dell Inc. (NASDAQ: DELL) cut to Hold at Argus

Google Inc. (NASDAQ: GOOG) maintained Buy with $810 target price but lowered 2013/2014 earnings estimates at Canaccord Genuity.

Kellogg Co. (NYSE: K) cut to Underperform at Credit Suisse.

Sealed Air Corp. (NYSE: SEE) raised to Buy at Citigroup.

Synchronoss Technologies Inc. (NASDAQ: SNCR) raised to Outperform with $29 price target at Credit Suisse.

Vodafone Group PLC (NASDAQ: VOD) cut to Hold at Deutsche Bank.

Two near-double calls from Canaccord Genuity: Alphatec Holdings Inc. (NASDAQ: ATEC) was reiterated Buy with $3 price target, and Anacor Pharmaceuticals Inc. (NASDAQ: ANAC) was reiterated Buy with a $9.00 price target. See also 12 Stocks Expected to Rise 50% to 100% in 2013.

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