Top Analyst Upgrades and Downgrades (ADT, ADTN, APOL, C, CSCO, DISCA, EQR, INTC, IBM, IP, MAA, MUR, NWSA, PSX, RYL, SON, S, TWX, TOL, DIS)

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

ADT Corp. (NYSE: ADT) started as Outperform with $45 target at Credit Suisse.

ADTRAN Inc. (NASDAQ: ADTN) raised to Neutral at Goldman Sachs.

Apollo Group Inc. (NASDAQ: APOL) cut to Neutral at BofA/ML.

Citigroup Inc. (NYSE: C) raised to Outperform at CLSA and reiterated as Sell at Argus.

Cisco Systems Inc. (NASDAQ: CSCO) cut to Hold at Cantor Fitzgerald.

Discovery Communications Inc. (NASDAQ: DISCA) started as Underperform at Credit Suisse.

Equity Residential (NYSE: EQR) raised to Outperform at Raymond James.

Intel Corp. (NASDAQ: INTC) maintained Outperform with $32 target at Credit Suisse.

International Business Machines Corp. (NYSE: IBM) cut to Neutral at Janney Capital and reiterated Neutral at Credit Suisse.

International Paper Co. (NYSE: IP) raised to Outperform as Bull of the Day with $45 target at Zacks.

Mid-America Apartment Communities Inc. (NYSE: MAA) raised to Strong Buy at Raymond James.

Murphy Oil Corp. (NYSE: MUR) cut to Equal Weight at Barclays.

News Corp. (NASDAQ: NWSA) started as Neutral at Credit Suisse.

Phillips 66 (NYSE: PSX) named as the value stock of the day at Zacks.

Ryland Group Inc. (NYSE: RYL) cut to Market Perform at Raymond James.

Sonoco Products Co. (NYSE: SON) cut to Neutral as Bear of the Day at Zacks.

Sprint Nextel Corp. (NYSE: S) raised to Buy with $7.50 target at Argus.

Time Warner Inc (NYSE: TWX) started as Outperform with $50 target at Credit Suisse.

Toll Brothers Inc. (NYSE: TOL) cut to Outperform at Raymond James.

Walt Disney Co. (NYSE: DIS) started as Outperform with $58 target at Credit Suisse.

JON C. OGG