Upgrades and downgrades before the market open

Upgrades:

Microsoft (MSFT) upgraded to Buy from Neutral at BofA/Merrill

McDonald's (MCD) upgraded to Overweight from Neutral at Piper Jaffray; target $130

Apple (AAPL) upgraded to Buy from Hold at Maxim Group

Downgrades:

Other:

Alphabet (GOOG) target raised to $812 from $723 at Piper Jaffray

Alphabet (GOOG) reiterated at Overweight at JP Morgan; target raised to $900 from $800

Alphabet (GOOG) reiterated at Outperform at RBC Capital Mkts; target raised to $880 from $750

Amazon (AMZN) target raised to $800 from $650 at Piper Jaffray

Amazon (AMZN) target raised to $777 from $720 at Credit Suisse

Amazon (AMZN) target raised to $800 from $710 at JPMorgan

Amazon (AMZN) target raised to $720 from $645 at Mizuho

Amazon (AMZN) target raised to $750 from $700 at Stifel

Amazon (AMZN) target raised to to $710 from $630 at Baird

Microsoft (MSFT) target raised to $60 from $53 at FBR Capital

Microsoft (MSFT) reiterated at Outperform at RBC Capital Mkts; target raised to $57 from $54

Apple (AAPL) removed from US Focus List at Citigroup

McDonald's (MCD) reiterated at Outperform at RBC Capital Mkts; target raised to $120 from $110

3M (MMM) reiterated at Underperform at RBC Capital Mkts; target lowered to $138 from $141