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

American Eagle Outfitters Inc. (NYSE: AEO) cut to Market Perform at BMO.

Annaly Capital Management Inc. (NYSE: NLY) raised to Outperform at Wells Fargo.

Capstead Mortgage Corp. (NYSE: CMO) raised to Outperform at Wells Fargo.

Check Point Software Technologies Ltd. (NASDAQ: CHKP) started as Outperform at Wells Fargo.

CIT Group Inc. (NYSE: CIT) raised to Buy at Nomura.

DryShips Inc. (NASDAQ: DRYS) cut to Neutral at boutique firm Global Hunter Securities.

Franklin Street Properties Corp. (NYSEMKT: FSP) named as value stock of the day at Zacks.

Frontier Communications Corp. (NASDAQ: FTR) cut to Sell at Goldman Sachs.

Gap Inc. (NYSE: GPS) raised to Hold at Canaccord Genuity.

Hatteras Financial Corp. (NYSE: HTS) raised to Outperform at Wells Fargo.

Invesco Mortgage Capital Inc. (NYSE: IVR) raised to Outperform at Wells Fargo.

JetBlue Airways Corp. (NASDAQ: JBLU) cut to Sell at Goldman Sachs.

MFA Financial Inc. (NYSE: MFA) raised to Outperform at Wells Fargo.

NetApp Inc. (NASDAQ: NTAP) raised to Buy at Argus.

Palo Alto Networks Inc. (NYSE: PANW) started as Market Perform at Wells Fargo.

Republic Services Inc. (NYSE: RSG) named Bear of the Day at Zacks.

SeaDrill Ltd. (NYSE: SDRL) raised to Outperform at Credit Suisse.

Triumph Group Inc. (NYSE: TGI) named Bull of the Day at Zacks.

JON C. OGG