Top Analyst Upgrades and Downgrades (ARMH, OFC, DLTR, D, FDX, HR, HD, IMAX, JCI, MTB, OC, QCOM, SAP, SFLY, SKYW, TE, THOR, TYC, VIA, ZNGA, FITB, USB, C, JPM, USB)

ARM Holdings PLC (NASDAQ: ARMH) started as Neutral at Credit Suisse.

Corporate Office Properties Trust (NYSE: OFC) raised to Neutral at BofA/ML.

Dollar Tree Inc. (NASDAQ: DLTR) raised to Outperform at Wells Fargo.

Dominion Resources Inc. (NYSE: D) raised to Outperform with $59 target at Credit Suisse.

FedEx Corp. (NYSE: FDX) reiterated Buy and raised target to $108 at BofA/ML.

Healthcare Realty Trust Inc. (NYSE: HR) cut to Sector Perform at RBC.

Home Depot Inc. (NYSE: HD) cut to Perform at Oppenheimer.

IMAX Corp. (NYSE: IMAX) started as Outperform with $28 target at Credit Suisse.

Johnson Controls Inc. (NYSE: JCI) cut to Neutral at BofA/ML.

M&T Bank Corp. (NYSE: MTB) raised to Outperform with $109 target at Credit Suisse.

Owens Corning (NYSE: OC) cut to Neutral at JPMorgan.

Qualcomm Inc. (NASDAQ: QCOM) raised to Outperform at BNP Paribas.

SAP A.G. (NYSE: SAP) cut to Equal Weight at Barclays.

Shutterfly Inc. (NASDAQ: SFLY) raised to Buy at Cantor Fitzgerald.

SkyWest Inc. (NASDAQ: SKYW) cut to Underperform at BofA/ML.

TECO Energy Inc. (NYSE: TE) cut to Underperform as Bear of the Day at Zacks.

Thoratec Corp. (NASDAQ: THOR) raised to Outperform as Bull of the Day at Zacks.

Tyco International Ltd. (NYSE: TYC) cut to Neutral at Credit Suisse.

Viacom Inc. (NASDAQ: VIA) cut to Underperform at Bernstein.

Zynga Inc. (NASDAQ: ZNGA) cut to Neutral at Piper Jaffray.

Bank of America Merrill Lynch has made several ratings changes on the U.S. banking sector. Fifth Third Bancorp (NASDAQ: FITB) was cut to Neutral from Buy on Tuesday. This morning we see that Bank of America says ahead of earnings season that it is time to increase weightings in money center banks. The bank reinstated coverage as follows: Citigroup Inc. (NYSE: C) with a Buy rating and $45 price objective and J.P. Morgan Chase & Co. (NYSE: JPM) as Buy with a $48 price objective. U.S. Bancorp (NYSE: USB) was downgraded to Neutral in the call. Yesterday Bank of America outlined the case for the great rotation into stocks and out of bonds in 2013.

JON C. OGG