Upgrades and downgrades before the market open

Upgrades:

Intel (INTC) upgraded to Outperform from Neutral at Macquarie; target $35

Goldman Sachs (GS) upgraded to Buy from Neutral at Nomura

Home Depot (HD) upgraded to Buy from Hold at Deutsche Bank

American Express (AXP) upgraded to Perform from Underperform at Oppenheimer

Yahoo! (YHOO) upgraded to Buy from Hold at Pivotal Research Group; target lowered to $36 from $37

Downgrades:

Twitter (TWTR) downgraded to Hold from Buy at Stifel

JPMorgan Chase (JPM) downgraded to Neutral from Buy at Nomura

American Express (AXP) downgraded to Equal-Weight from Overweight at Morgan Stanley

American Express (AXP) downgraded to Hold from Buy at Argus

Caterpillar (CAT) downgraded to Sell from Neutral at Goldman

Intl Paper (IP) downgraded to Neutral from Buy at Citigroup

Other:

Freeport-McMoRan (FCX) target lowered to $8 from $10 at RBC Capital Mkts

General Electric (GE) target lowered to $33 from $34 at RBC Capital Mkts

Amazon (AMZN) reiterated with an Outperform at Wedbush; target $700

Facebook (FB) reiterated with an Outperform at FBR Capital; target $125