Upgrades:
Walt Disney (DIS) upgraded to Overweight from Neutral at Piper Jaffray; target raised to $120 from $105
Intel (INTC) upgraded to Outperform from Neutral at Robert W. Baird; target raised to $38
Downgrades:
Alcoa (AA) downgraded to Neutral from Buy at BofA/Merrill
Boeing (BA) downgraded to Hold from Buy at Canaccord Genuity
Freeport-McMoRan (FCX) downgraded to Neutral from Buy at UBS
Other:
Alcoa (AA) initiated with a Hold at Berenberg; target $9