Top Analyst Upgrades and Downgrades (AKS, APH, MT, AN, CHK, GSK, GMED, IACI, KNXA, MTB, PCYC, VMW, NOK, AAPL, F, GM, DELL, HPQ)

Source: Jon Ogg
These are the top analyst calls of upgrades, downgrades, and initiations we have seen from Wall St. research calls this Tuesday morning.

AK Steel Holding Corp. (NYSE: AKS) cut to Sell at UBS.

Amphenol Corp. (NYSE: APH) cut to Neutral at BofA/ML.

ArcelorMittal (NYSE: MT) named as Bear of the Day at Zacks.

AutoNation Inc. (NYSE: AN) named as Bull of the Day at Zacks.

Chesapeake Energy Corp. (NYSE: CHK) maintained Hold at Argus.

GlaxoSmithKline (NYSE: GSK) cut to Neutral at UBS.

Globus Medical Inc. (NYSE: GMED) started as Buy at Goldman Sachs, started as Buy at Canaccord Genuity, started as Outperform at Oppenheimer and started as Buy at BofA/ML.

IAC/InterActiveCorp. (NASDAQ: IACI) reiterated Buy with $62 target at Canaccord Genuity.

Kenexa Corp. (NYSE: KNXA) cut to Neutral at Credit Suisse.

M&T Bank Corp. (NYSE: MTB) maintained Neutral but raised target to $102 from $96 at Credit Suisse.

Pharmacyclics Inc. (NASDAQ: PCYC) cut to Sector Perform at RBC.

VMware Inc. (NYSE: VMW) reiterated Buy with $120 price target at BofA/ML.

BofA/Merrill Lynch said that Nokia Corp. (NYSE: NOK) benefits from the Apple Inc. (NASDAQ: AAPL) litigation victory over Samsung are likely to be minor.

A firm named CLSA has started Ford Motor Co. (NYSE: F) with an Outperform rating and started General Motors Corp. (NYSE: GM) with an Underperform rating.

Argus has maintained a Buy rating on Dell Inc. (NASDAQ: DELL) with an $18 price target; Hewlett-Packard Co. (NYSE: HPQ) reiterated Buy but cut target to $25 from $30. The problem is that Argus calls Dell in a painful transition away from PCs and said difficulties persist at HP while a deep value story is there.