Upgrades:
Deere (DE) upgraded to Buy from Neutral at BofA/Merrill; target raised to $124 from $92
Travelers (TRV) upgraded to Buy from Neutral at Citigroup
Downgrades:
McDonald's (MCD) downgraded to Neutral from Buy at Guggenheim
Other:
Visa (V) reiterated with an Outperform rating at RBC Capital Mkts
MasterCard (MA) reiterated with an Outperform rating at RBC Capital Mkts
General Motors (GM) initiated with an Outperform at Macquarie; target $44
Ford Motor (F) initiated with a Neutral at Macquarie; target $13