Top Analyst Upgrades and Downgrades (AXP, ARMH, COF, CSCO, DE, EMC, FB, HPQ, HUN, IBM, OKE, PM, S, VZ)

American Express Co. (NYSE: AXP) cut to Neutral on valuation/price at Goldman Sachs.

ARM Holdings PLC (NASDAQ: ARMH) cut to Neutral at Piper Jaffray.

Capital One Financial Corp. (NYSE: COF) raised to Buy at Goldman Sachs.

Cisco Systems Inc. (NASDAQ: CSCO) raised to Outperform at William Blair.

Deere & Co. (NYSE: DE) raised to Neutral at J.P. Morgan.

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EMC Corp. (NYSE: EMC) cut to Neutral at J.P. Morgan.

Facebook Inc. (NASDAQ: FB) raised to Buy at Deutsche Bank.

Hewlett-Packard Co. (NYSE: HPQ) raised to Neutral from Underweight at J.P. Morgan.

Huntsman Corp. (NYSE: HUN) cut to Market Perform at Wells Fargo.

International Business Machine Corp. (NYSE: IBM) cut to Neutral at J.P. Morgan.

ONEOK Inc. (NYSE: OKE) raised to Buy at Argus.

Philip Morris International Inc. (NYSE: PM) raised to Conviction Buy List at Goldman Sachs.

Sprint Nextel Corp. (NYSE: S) cut to Neutral at UBS.

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Verizon Communications Inc. (NYSE: VZ) cut to Neutral at UBS.

UBS made a call in IT spending that is very cautious for 2013, but there are some expected winners as well.