Top Analyst Upgrades & Downgrades (AIG, ADI, ARNA, COP, DMD, DOW, FOSL, HSY, JIVE, MRVL, MELI, PSX, QIHU, UBNT, YOKU)

These are some of the top analyst upgrades, downgrades and initiations seen in Wall Street research calls this Wednesday.

American International Group, Inc. (NYSE: AIG) Raised to Buy at Goldman Sachs.

Analog Devices, Inc. (NASDAQ: ADI) Cut to Neutral at UBS.

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) Raised to Outperform at BMO.

ConocoPhillips (NYSE: COP) Resumed as Neutral at Credit Suisse.

Demand Media, Inc. (NYSE: DMD) Raised to Buy at Citigroup.

The Dow Chemical Company (NYSE: DOW) Raised to Overweight at Morgan Stanley.

Fossil, Inc. (NASDAQ: FOSL) Cut to Neutral at JPMorgan.

The Hershey Company (NYSE: HSY) Raised to Buy at Argus.

Jive Software, Inc. (NASDAQ: JIVE) Started as Hold at Needham

Marvell Technology Group Ltd. (NASDAQ: MRVL) Cut to Neutral at UBS.

Mercadolibre, Inc. (NASDAQ: MELI) Cut to Market Perform at Raymond James.

Phillips 66 (NYSE: PSX) Started as Outperform at Credit Suisse.

Qihoo 360 Technology Co. Ltd (NYSE: QIHU) Started as Buy at ThinkEquity.

Ubiquiti Networks, Inc. (NASDAQ: UBNT) Started as Outperform at Wedbush (late Tuesday call).

Youku Inc. (NYSE: YOKU) Started as Hold at ThinkEquity.

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JON C. OGG