Top Analyst Upgrades and Downgrades (AFL, BAC, CMA, DNKN, JCP, KEY, LYG, M, MET, MON, NFLX, PCG, RL, RYAAY, SON, SYY, TTM, URBN, DG, FDO)

These are some of the top analyst upgrades, downgrades and initiations seen from Wall St. research firms this Wednesday.

AFLAC Inc. (NYSE: AFL) started as Hold at Deutsche Bank.

Bank of America Corp. (NYSE: BAC) cut to Neutral at Credit Suisse on valuation in favor of other top banks (FULL RESEARCH SUMMARY).

Comerica Inc. (NYSE: CMA) cut to Perform at Oppenheimer.

Dunkin’ Brands Group Inc. (NASDAQ: DNKN) raised to Buy at Janney.

J.C. Penney Company Inc. (NYSE: JCP) cut to Neutral at Macquarie.

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KeyCorp (NYSE: KEY) raised to Outperform at Oppenheimer.

Lloyds Banking Group PLC (NYSE: LYG) raised to Buy at UBS.

Macy’s Inc. (NYSE: M) cut to Neutral at Macquarie.

MetLife Inc. (NYSE: MET) started as Hold at Deutsche Bank.

Monsanto Co. (NYSE: MON) reiterated Buy and raised target to $114 at Argus.

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Netflix Inc. (NASDAQ: NFLX) maintained Underperform but raised target to $68 from $60 at BofA/Merrill Lynch.

PG&E Corp. (NYSE: PCG) raised to Buy at Jefferies.

Ralph Lauren Corp. (NYSE: RL) raised to Outperform at Macquarie.

Ryanair Holdings PLC (NASDAQ: RYAAY) reiterated Buy and raised target (to 6.50 euro local currency) at BofA/Merrill Lynch.

Sonoco Products Co. (NYSE: SON) cut to Underweight at J.P. Morgan.

Sysco Corp. (NYSE: SYY) cut to Underweight at Morgan Stanley.

Tata Motors Ltd. (NYSE: TTM) raised to Outperform with about 25% upside in local currency terms by Credit Suisse.

Urban Outfitters Inc. (NASDAQ: URBN) raised to Neutral at Macquarie.

Dividend (or payout) investors look out: Credit Suisse made major changes to its master limited partnership sector outlook for 2013 with key upgrades and downgrades (FULL RESEARCH SUMMARY).

RBC Downgrades the dollar stores: Dollar General Corp. (NYSE: DG) and Family Dollar Stores Inc. (NYSE: FDO) were both downgraded to Sector Perform from Outperform at RBC.