Top Analyst Upgrades and Downgrades (AWR, BNNY, MT, ARMH, AZO, SAN, FB, GME, IR, IBM, MANU, MRVL, NWSA, NTI, NYX, TIVO, VOD, JPM, GS, MS, BCS, AAPL, RIMM)

American States Water Co. (NYSE: AWR) cut to Neutral at Baird.

Annie’s Inc. (NYSE: BNNY) started as Buy at SunTrust Robinson Humphreys.

ArcelorMittal (NYSE: MT) started as Buy at Jefferies.

ARM Holdings PLC (NASDAQ: ARMH) cut to Sell at Deutsche Bank (Monday overseas call).

AutoZone Inc. (NYSE: AZO) maintained Buy but removed from Conviction Buy List at Goldman Sachs.

Banco Santander S.A. (NYSE: SAN) cut to Hold at ING (Monday overseas call).

Facebook Inc. (NASDAQ: FB) maintained Overweight but target cut to $30 from $45 at JPMorgan.

GameStop Corp. (NYSE: GME) raised to Buy at Goldman Sachs.

Ingersoll-Rand PLC (NYSE: IR) cut to Neutral at BofA/ML.

International Business Machines Corp. (NYSE: IBM) raised to Overweight with $240 price target at Barclays.

Manchester United PLC (NYSE: MANU) initiated after quiet period and started as the following: Neutral at BofA/ML, Outperform at Credit Suisse, Buy at Deutsche Bank, Buy at Jefferies and Neutral at Nomura.

Marvell Technology Group Ltd. (NASDAQ: MRVL) raised to Neutral at Nomura.

News Corp. (NASDAQ: NWSA) raised to Overweight at Barclays.

Northern Tier Energy L.P. (NYSE: NTI) started as Outperform at Credit Suisse and started as Buy at Goldman Sachs.

NYSE Euronext Inc. (NYSE: NYX) raised to Outperform at KBW.

TiVo Inc. (NASDAQ: TIVO) raised to Overweight with $13 target at JPMorgan.

Vodafone Group PLC (NASDAQ: VOD) Cut to Market Perform at Bernstein.

J.P. Morgan Chase & Co. (NYSE: JPM) has made a rival coverage switch. The firm lowered the rating for Goldman Sachs Group Inc. (NYSE: GS) to Underweight from Neutral, while it has raised Morgan Stanley (NYSE: MS) to Overweight from Neutral. Barclays PLC (NYSE: BCS) was cut to Neutral at JPMorgan.

Canaccord Genuity noted that Apple Inc. (NASDAQ: AAPL) is seeing soft iPhone 4S sales but it sees strong pent-up demand for iPhone 5. The firm also said that Research In Motion Ltd. (NASDAQ: RIMM) weakness persists as channel checks indicate weak BlackBerry sales and the firm maintained below-consensus estimates.

JON C. OGG