Upgrades:

Downgrades:

Exxon Mobil (XOM) downgraded to Market Perform from Outperform at Wells Fargo

AT&T (T) downgraded to Hold from Buy at Deutsche Bank

Bank of America (BAC) downgraded to Neutral at UBS

Citigroup (C) downgraded to Sell at UBS

Other:

JPMorgan Chase (JPM) initiated with a Buy at UBS

Microsoft (MSFT) initiated with an Outperform at Wells Fargo

Goldman Sachs (GS) target raised to $225 from $200 at Citigroup; Sell

Bank of America (BAC) target raised to $26 from $19 at Citigroup

Alphabet A (GOOGL) target lowered to $1100 from $1120 at Credit Suisse

Amazon (AMZN) target lowered to $950 from $1000 at Credit Suisse