Top Analyst Upgrades and Downgrades: AK Steel, Carnival, FedEx, PayPal, Sunoco, Teva, Under Armour, Wells Fargo and More

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Alaska Air Group Inc. (NYSE: ALK) was downgraded to Neutral From Buy at Merrill Lynch.

Allstate Corp. (NYSE: ALL) was downgraded to Market Perform from Outperform at Wells Fargo.

American Airlines Group Inc. (NASDAQ: AAL) was raised to Buy from Underperform at Merrill Lynch.

BankUnited Inc. (NYSE: BKU) was started as Market Perform at JMP Securities.

BB&T Corp. (NYSE: BBT) was raised to Outperform from Market Perform at Raymond James, just a day after Morgan Stanley raised it to Equal Weight from Underweight.

Boston Properties Inc. (NYSE: BXP) was downgraded to Market Perform from Outperform at BMO Capital Markets.

BP Midstream Partners L.P. (NYSE: BPMP) was downgraded to Neutral from Buy with a $21 price target (versus a $21.13 close) at Citigroup.

China Petroleum & Chemical Corp. (NYSE: SNP) was downgraded to Neutral from Buy at Citigroup.

CNOOC Ltd. (NYSE: CEO) was downgraded to Neutral from Outperform at Macquarie.

Ferrellgas Partners L.P. (NYSE: FGP) was downgraded to Neutral from Buy with a $4.50 price target (versus a $4.41 close) at Citigroup.

JetBlue Airways Corp. (NASDAQ: JBLU) was downgraded to Underperform From Buy at Merrill Lynch.

Olin Corp. (NYSE: OLN) was started as Overweight with a $45 price target at Morgan Stanley.

Principal Financial Group Inc. (NYSE: PFG) was downgraded to Market Perform from Outperform at Wells Fargo.

Southwest Airlines Inc. (NYSE: LUV) was downgraded to Neutral from Buy at Merrill Lynch.

Spirit Airlines Inc. (NYSE: SAVE) was raised to Buy from Neutral at Merrill Lynch.

Synchrony Financial (NYSE: SYF) was raised to Outperform from Market Perform at Wells Fargo.

Union Pacific Corp. (NYSE: UNP) was raised to Buy from Neutral at UBS.

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Monday’s top analyst upgrades and downgrades included Albermarle, Applied Materials, Caterpillar, Electronic Arts, GoPro, GrubHub, Pandora, Snap, United Tech and about two dozen more.