Top Analyst Upgrades and Downgrades (ACTV, AGN, BMY, CAG, COP, DUK, LLY, FRX, MRK, PFE, TIF, ULTA, WPI, YUM)

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

Active Network Inc. (NYSE: ACTV) raised to Buy at BofA/ML.

Allergan Inc. (NYSE: AGN) started as Buy at Citigroup.

Bristol-Myers Squibb Co. (NYSE: BMY) started as Neutral at Citigroup.

ConAgra Foods Inc. (NYSE: CAG) raised to Buy at Jefferies.

ConocoPhillips (NYSE: COP) started as Outperform at Wells Fargo.

Duke Energy Corp. (NYSE: DUK) maintained Outperform with $76.50 target at Credit Suisse.

Eli Lilly & Co. (NYSE: LLY) started as Buy at Citigroup.

Forest Laboratories Inc. (NYSE: FRX) started as Buy at Citigroup.

Merck & Co. (NYSE: MRK) started as Neutral at Citigroup.

Pfizer Inc. (NYSE: PFE) started as Buy at Citigroup.

Tiffany & Co. (NYSE: TIF) cut to Neutral at BofA/ML.

Ulta Salon Cosmetics & Fragrance Inc. (NASDAQ: ULTA) raised to Outperform at Wells Fargo.

Watson Pharmaceuticals Inc. (NYSE: WPI) reiterated Buy with $100 target and raised estimates at Argus.

Yum! Brands Inc. (NYSE: YUM) cut to Neutral at UBS and cut to Underperform at Raymond James.

JON C. OGG