Top Analyst Upgrades and Downgrades (AFL, AXP, AINV, ARMH, BIIB, CELG, CS, DELL, GMCR, INFY, LOGI, LYG, MLNX, NKTR, PDLI, PCYC, REGN, RBS, UAL, LCC, VRTX, VPHM, WFT)

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These are some of the top analyst upgrades, downgrades and initiations seen so far this Tuesday. There is a larger concentration around biotech and emerging pharma this morning, but that is coincidental.

AFLAC Inc. (NYSE: AFL) cut to Neutral at Stern Agee.

American Express Co. (NYSE: AXP) cut to Underweight at J.P. Morgan.

Apollo Investment Corp. (NASDAQ: AINV) cut to Neutral at J.P. Morgan.

ARM Holdings PLC (NASDAQ: ARMH) cut to Equal Weight at Morgan Stanley.

Biogen Idec Inc. (NASDAQ: BIIB) cut to Neutral at BofA/Merrill Lynch.

Celgene Corp. (NASDAQ: CELG) raised to Buy at BofA/Merrill Lynch.

Credit Suisse Group (NYSE: CS) raised to Outperform at BNP-Paribas.

Dell Inc. (NASDAQ: DELL) cut to Neutral at boutique firm Monnes Crespi Hardt.

Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) raised to Buy with $50 target at Argus.

Infosys Ltd. (NYSE: INFY) raised to Buy at UBS.

Logitech International S.A. (NASDAQ: LOGI) cut to Underperform at Credit Suisse.

Lloyds Banking Group PLC (NYSE: LYG) raised to Neutral at J.P. Morgan.

Read also: 12 Stocks Expected to Rise 50% to 100% in 2013

Mellanox Technologies Ltd. (NASDAQ: MLNX) raised to Buy at UBS.

Nektar Therapeutics (NASDAQ: NKTR) started as Buy at Lazard.

PDL BioPharma Inc. (NASDAQ: PDLI) cut to Underperform at Credit Suisse.

Pharmacyclics Inc. (NASDAQ: PCYC) started as Outperform at Credit Suisse.

Read also: The Best Biotech Stocks for 2013

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

Royal Bank of Scotland Group PLC (NYSE: RBS) raised to Overweight at J.P. Morgan.

United Continental Holdings Inc. (NYSE: UAL) cut to Neutral at J.P. Morgan.

US Airways Group Inc. (NYSE: LCC) cut to Neutral at J.P. Morgan.

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

ViroPharma Inc. (NASDAQ: VPHM) raised to Buy at BofA/Merrill Lynch.

Weatherford International Ltd. (NYSE: WFT) maintained Underperform and named Bear of the Day at Zacks.

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