These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Thursday morning.

Alcatel-Lucent (NYSE: ALU) Raised to Buy at UBS.
Arch Coal Inc. (NYSE: ACI) Started as Buy at Soc-Gen.
Celestica Inc. (NYSE: CLS) Raised to Buy at Deutsche Bank.
eBay Inc. (NASDAQ: EBAY) Raised to Buy at BofA/ML.
First Solar Inc. (NASDAQ: FSLR) Maintained Neutral but raised target to $135 from $100 at Credit Suisse.
Hess Corporation (NYSE: HES) Raised to Buy at BofA/ML.
Hudson City Bancorp (NASDAQ: HCBK) Cut to Underperform as Bear of the Day at Zacks.
KB Home (NYSE: KBH) Raised to Hold at S&P Equity Research (late-Wednesday call).
Lululemon Athletica Inc. (NASDAQ: LULU) Cut to Neutral at Stern Agee.
PerkinElmer, Inc. (NYSE: PKI) Raised to Outperform as Bull of the Day at Zacks.
Renren Inc. (NYSE: RENN) Started as Outperform at Credit Suisse.
Tanger Factory Outlet Centers Inc. (NYSE: SKT) Started as Outperform at Credit Suisse.

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JON C. OGG