These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research early this Wednesday.  Some of the U.S. calls will get pretty thin as we get closer to July 4 weekend, which is why there is a large portion of ADRs in this mornings calls.

AstraZeneca plc (NYSE: AZN) Raised to Hold at Jefferies; Raised to Neutral at JPMorgan; Targets raised by Morgan Stanley.
EXFO Electro Optical Engineering Inc. (NASDAQ: EXFO) Raised to Buy at TD.
France Telecom S.A. (NYSE: FTE) Cut To Neutral at Goldman Sachs.
Hudson City Bancorp (NASDAQ: HCBK) Cut to Market Perform at FBR.
Louisiana-Pacific Corp. (NYSE: LPX) Raised to Sector Outperform at Scotia Capital.
Portugal Telecom SGPS, S.A. (NYSE: PT) Cut To Neutral From Buy By Goldman Sachs
Smith & Nephew plc (NYSE: SNN) Started At Buy By Jefferies
U.S. Bancorp (NYSE: USB) Raised to Outperform at FBR.
Vodafone plc (NYSE: VOD) Target Cut at Goldman Sachs.

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JON C. OGG