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

ADTRAN Inc. (NASDAQ: ADTN) cut to Sell at UBS but raised to Neutral at Citigroup.

Alkermes PLC (NASDAQ: ALKS) started as Neutral at Credit Suisse.

CBS Corp. (NYSE: CBS) raised to Outperform at Wedbush.

Cisco Systems Inc. (NASDAQ: CSCO) cut to Underweight at J.P. Morgan.

Corning Inc. (NYSE: GLW) cut to Sector Perform at RBC.

Donaldson Co. (NYSE: DCI) raised to Buy with $41 target at Bank of America/Merrill Lynch.

Embraer S.A. (NYSE: ERJ) cut to Underperform and named Bear of the Day at Zacks.

Incyte Corp. (NASDAQ: INCY) maintained Buy with $25 target but raised earnings estimates to breakeven in 2013 at Argus.

Juniper Networks Inc. (NYSE: JNPR) raised to Overweight at J.P. Morgan.

Mead Johnson Nutrition Co. (NYSE: MJN) cut to Neutral at J.P. Morgan.

Medtronic Inc. (NYSE: MDT) raised to Outperform with $50 target at Credit Suisse.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) cut to Hold at Brean.

SAP A.G. (NYSE: SAP) cut to Neutral at Citigroup.

Southwest Airlines Co. (NYSE: LUV) raised to Outperform and named as Bear of the Day at Zacks.

VIVUS Inc. (NASDAQ: VVUS) cut to Sell at Brean.

Yum! Brands Inc. (NYSE: YUM) cut to Hold at Argus.

Zeltiq Aesthetics (NASDAQ: ZLTQ) maintained Buy but cut target to $7.50 at Canaccord Genuity.

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