Place juice in a small saucepan over medium-high heat. Cook for 15 minutes or until juice is reduced to 1/4 cup; stir in honey. (Mixture may be prepared several days ahead and stored tightly covered in the refrigerator.)
While glaze is cooking, preheat oven to 400°F. Place carrots, oil, salt, and pepper on a small baking sheet; stir well to coat. Bake for 15 minutes, stirring occasionally. Drizzle glaze over carrots and stir to coat. Bake for 10 minutes more, stirring once or twice.
Stir in walnuts and cranberries and cook for 5 minutes or until carrots are nicely glazed and reach desired tenderness. Transfer to a serving dish and sprinkle with thyme.
Recipe may be doubled.