AnalystsInsight

Analyst Upgrades and Downgrades: The Latest Rating Changes

Every upgrade, downgrade, new coverage and price‑target change on US stocks in the 7 days to Sep 20, 2026, shown 30 days after publication and updated daily. Calls from the analysts Exent ranks highest are members‑only.

Published Updated 4 min readHow we research

Key takeaways

  • Analysts made 46 upgrades and 51 downgrades on US stocks in the 7 days to Sep 20, 2026, against 44 and 55 in the 7 days before. Upgrades minus downgrades: −5, the highest of the 10 weeks shown here.
  • On Friday, Sep 18, analysts published 426 ratings: 15 upgrades, 8 downgrades, 18 new coverage starts and 93 price‑target changes.
  • Industrials drew the most upgrades (11); Technology the most downgrades (12).
  • The largest price‑target raise on a sizeable company: MPC (Marathon Petroleum Corporation), +71% to $453 from $265, by Joe Laetsch of Morgan Stanley.
  • Exent’s top‑ranked analysts made 372 calls, including 4 upgrades, 6 downgrades, 82 target raises and 36 target cuts; which stocks they rated is members‑only.

This week in numbers: Sep 14–20

46Upgrades+2
51Downgrades−4
136New coverage−69
311Price targets raised−37
243Price targets cut+5
68%Buy share of all ratings+1.7 pts

Every rating published on a US stock in the 7 days to Sep 20, 2026, by all analysts; the arrows compare with the 7 days before. The page moves forward one day every day.

Free after 3 days: the newest calls up to Friday, Oct 16

Exent shows the newest ratings of the analysts at positions 91–100 and 250–1,000 of its ranking (outside the locked top ones) free, 3 days after they are published. Everyone else’s appear on this page 30 days later, and the calls of the analysts ranked highest stay members‑only.

StockRating and targetAnalyst
SMTC
Oct 16 · Semtech Corporation
Upgrade
Hold → Buy
Target $186
Gus Richard
Northland Securities
VRNS
Oct 16 · Varonis Systems, Inc.
Downgrade
Buy → Hold
Target $49.75, was $60
Joseph Gallo
Jefferies
VRNS
Oct 16 · Varonis Systems, Inc.
Downgrade
Buy → Hold
Target $49.75, was $55
Erik Suppiger
B. Riley Securities
HOMB
Oct 16 · Home BancShares, Inc.
New coverage
Hold
Target $31
Dave Rochester
Cantor Fitzgerald
HRTG
Oct 16 · Heritage Insurance Holdings, Inc.
New coverage
Hold
Gregory Peters
Raymond James
CHRN
Oct 16 · Ekso Bionics Holdings, Inc. Common Stock
New coverage
Buy
Target $25
Michael Donovan
Compass Point
CHRN
Oct 16 · Ekso Bionics Holdings, Inc. Common Stock
New coverage
Buy
Target $25
Michael Donovan
Compass Point
C
Oct 16 · Citigroup Inc.
Target raised
Buy
Target $160, was $135
Lim Rui Wen
DBS
IBKR
Oct 16 · Interactive Brokers Group, Inc.
Target raised
Buy
Target $104, was $102
Brian Bedell
Deutsche Bank
IBKR
Oct 16 · Interactive Brokers Group, Inc.
Target raised
Buy
Target $117, was $115
Benjamin Budish
Barclays
MAR
Oct 16 · Marriott International, Inc.
Target raised
Hold
Target $363, was $348
Brandt Montour
Barclays
USB
Oct 16 · U.S. Bancorp
Target raised
Buy
Target $73, was $72
Chris Kotowski
Oppenheimer
PNC
Oct 16 · The PNC Financial Services Group, Inc.
Target raised
Buy
Target $269, was $263
Chris Kotowski
Oppenheimer
HLT
Oct 16 · Hilton Worldwide Holdings Inc.
Target raised
Buy
Target $384, was $368
Brandt Montour
Barclays
OXY
Oct 16 · Occidental Petroleum Corporation
Target raised
Hold
Target $70, was $64
Arun Jayaram
J.P. Morgan

Upgrades, downgrades and new coverage on Friday, Sep 18

StockRating and targetAnalyst
Upgrade
Buy
Target

Top‑ranked analyst
Upgrade
Buy
Target

Top‑ranked analyst
Upgrade
Buy
Target

Top‑ranked analyst
EQNR
Equinor ASA
Upgrade
Hold → Buy
Target $48.86
Christopher Kuplent
Bank of America Securities
RF
Regions Financial Corporation
Upgrade
Sell → Hold
Target $28
David George
Robert W. Baird
TSN
Tyson Foods, Inc.
Upgrade
Hold → Buy
Target $63, was $65
Thomas Palmer
J.P. Morgan
DT
Dynatrace, Inc.
Upgrade
Hold → Buy
Target $68
Mike Cikos
Needham
BALL
Ball Corporation
Upgrade
Hold → Buy
Target $65
Jeffrey Zekauskas
J.P. Morgan
CCK
Crown Holdings, Inc.
Upgrade
Hold → Buy
Target $121
Jeffrey Zekauskas
J.P. Morgan
ETSY
Etsy, Inc.
Upgrade
Hold → Buy
Target $90
Marvin Fong
BTIG
HAE
Haemonetics Corporation
Upgrade
Hold → Buy
Target $123, was $92
Joanne Wuensch
Citi
BMI
Badger Meter, Inc.
Upgrade
Buy
Target $148
Ryan Connors
Northcoast Research
YETI
YETI Holdings, Inc.
Upgrade
Hold → Buy
Target $50, was $45
Peter McGoldrick
Stifel Nicolaus
KALU
Kaiser Aluminum Corporation
Upgrade
Sell → Hold
Target $160, was $169
Timna Tanners
Wells Fargo
FTCI
FTC Solar, Inc.
Upgrade
Hold → Buy
Target $3.60, was $3.50
Jon Windham
UBS
Downgrade
Hold
Target

Top‑ranked analyst
NFLX
Netflix, Inc.
Downgrade
Hold → Sell
Target $57, was $80
Steven Cahall
Wells Fargo
BSX
Boston Scientific Corporation
Downgrade
Buy → Hold
Target $50, was $57
Joanne Wuensch
Citi
XENE
Xenon Pharmaceuticals Inc.
Downgrade
Buy → Hold
Target $46, was $90
David Hoang
Deutsche Bank
RPD
Rapid7, Inc.
Downgrade
Sell
Target $12
Brian Essex
J.P. Morgan
FBRT
Franklin BSP Realty Trust, Inc.
Downgrade
Hold
Tom Catherwood
BTIG
ARRY
Array Technologies, Inc.
Downgrade
Buy → Hold
Target $5, was $10
Jon Windham
UBS
BCBP
BCB Bancorp, Inc.
Downgrade
Hold
Target $9
Christopher Marinac
Brean Capital
New coverage
Buy
Target

Top‑ranked analyst
New coverage
Hold
Target

Top‑ranked analyst

More that day: TSEM · IREN · MCHB · SVV · SHAZ · NGVC · BRUN · ANIK · AGEN · CATX · MRLN · CUE · CHRN

Upgrades in the last 7 days

StockRating and targetAnalyst
Upgrade
Buy
Target

Top‑ranked analyst
Upgrade
Buy
Target

Top‑ranked analyst
Upgrade
Buy
Target

Top‑ranked analyst
Upgrade
Buy
Target

Top‑ranked analyst
LLY
Eli Lilly and Company
Upgrade
Hold → Buy
Target $1,400, was $1,220
Kerry Holford
Berenberg Bank
UNP
Union Pacific Corporation
Upgrade
Hold → Buy
Target $339, was $310
Thomas Wadewitz
UBS
EQNR
Equinor ASA
Upgrade
Hold → Buy
Target $48.86
Christopher Kuplent
Bank of America Securities
ABNB
Airbnb, Inc.
Upgrade
Sell → Hold
Target $170, was $125
Matthew Cost
Morgan Stanley
RMD
ResMed Inc.
Upgrade
Hold → Buy
Target $262, was $244
Craig Wong-Pan
RBC Capital
SUNB
Sunbelt Rentals Holdings Inc
Upgrade
Hold → Buy
Target $93, was $78
Suhasini Varanasi
Goldman Sachs
BAP
Credicorp Ltd.
Upgrade
Hold → Buy
Target $483, was $415
Yuri Fernandes
J.P. Morgan
ULTA
Ulta Beauty, Inc.
Upgrade
Sell → Hold
Target $525, was $450
Ike Boruchow
Wells Fargo
RF
Regions Financial Corporation
Upgrade
Sell → Hold
Target $28
David George
Robert W. Baird
AFRM
Affirm Holdings, Inc.
Upgrade
Hold → Buy
Target $90
Darrin Peller
Wolfe Research
JBHT
J.B. Hunt Transport Services, Inc.
Upgrade
Hold → Buy
Target $300
Jeff Kauffman
Citizens JMP

Also upgraded: TSN · DT · BALL · SGI · SEIC · CCK · IREN · PNR · REXR · ETSY · HAE · MIDD · BMI · ZIM · YETI · KALU · ALVO · ALGT · AGL · ADNT · HAWK · THRM · SMWB · FDMT · RLGT · CAPR · RCKT · CRDF · FTCI

Downgrades in the last 7 days

StockRating and targetAnalyst
Downgrade
Hold
Target

Top‑ranked analyst
Downgrade
Hold
Target

Top‑ranked analyst
Downgrade
Hold
Target

Top‑ranked analyst
Downgrade
Hold
Target

Top‑ranked analyst
Downgrade
Hold
Target

Top‑ranked analyst
Downgrade
Hold
Target

Top‑ranked analyst
NFLX
Netflix, Inc.
Downgrade
Hold → Sell
Target $57, was $80
Steven Cahall
Wells Fargo
PANW
Palo Alto Networks, Inc.
Downgrade
Buy → Hold
Target $351, was $253
Peter Weed
Bernstein
ACN
Accenture plc
Downgrade
Buy → Hold
Target $194
Jason Kupferberg
Wells Fargo
NU
Nu Holdings Ltd.
Downgrade
Buy → Hold
Target $18
Pedro Leduc
Itau Unibanco
HON
Honeywell International Inc.
Downgrade
Hold
Scott Davis
Melius Research
BSX
Boston Scientific Corporation
Downgrade
Buy → Hold
Target $50, was $57
Joanne Wuensch
Citi
VALE
Vale S.A.
Downgrade
Buy → Hold
Target $16, was $14.50
Ben Davis
RBC Capital
BSBR
Banco Santander (Brasil) S.A.
Downgrade
Hold
Target $6.20
Carlos Gomez-Lopez
HSBC
HIG
The Hartford Insurance Group, Inc.
Downgrade
Buy → Hold
Target $154, was $163
Yaron Kinar
Mizuho Securities

Also downgraded: CCI · EXPE · OKTA · CHTR · MKC · LII · APTV · S · LYFT · LEA · PEGA · AVAL · WAY · XENE · MWA · CBZ · MARA · BWIN · ADUS · ACVA · FLNC · RPD · FEIM · FBRT · ARRY · RBBN · BCBP · EH · CLLS · UCAR

What the top‑ranked analysts did

Exent’s top 90 and each sector’s top 50 (451 of the 1,000 analysts it ranks by their 7‑year record) made 372 calls on US stocks in these 7 days. Their names, the stocks and the price targets are what Exent Gems is built on, so they are locked here.

DateAnalystRatingStock and target
Sep 18Upgrade
Buy
Sep 18Upgrade
Buy
Sep 18Upgrade
Buy
Sep 15Upgrade
Buy
Sep 18Downgrade
Hold
Sep 14Downgrade
Hold
Sep 14Downgrade
Hold
Sep 14Downgrade
Hold
Sep 14Downgrade
Hold
Sep 14Downgrade
Hold
Sep 18New coverage
Buy
Sep 18New coverage
Hold

Biggest price‑target raises

StockNew targetAnalyst
OSCR
Oscar Health, Inc.
$42
+133% from $18
John Ransom
Raymond James
PBF
PBF Energy Inc.
$76
+100% from $38
Joe Laetsch
Morgan Stanley
OSCR
Oscar Health, Inc.
$31
+94% from $16
David Windley
Jefferies
DK
Delek US Holdings, Inc.
$81
+80% from $45
Joe Laetsch
Morgan Stanley
MPC
Marathon Petroleum Corporation
$453
+71% from $265
Joe Laetsch
Morgan Stanley
CRL
Charles River Laboratories International, Inc.
$330
+65% from $200
David Toung
Argus Research
NUE
Nucor Corporation
$285
+64% from $174
Vitaly Kononov
Freedom Capital Markets
DINO
HF Sinclair Corporation
$127
+63% from $78
Joe Laetsch
Morgan Stanley
VLO
Valero Energy Corporation
$411
+61% from $255
Joe Laetsch
Morgan Stanley
PSX
Phillips 66
$310
+59% from $195
Phillip Jungwirth
BMO Capital

Change against the same analyst’s previous target on the stock, in the 7 days to Sep 20, 2026. Companies worth $2 billion or more; targets under $5 and jumps of 3× or more are left out (they are mostly data errors).

Biggest price‑target cuts

StockNew targetAnalyst
XENE
Xenon Pharmaceuticals Inc.
$46
−49% from $90
David Hoang
Deutsche Bank
CRWD
CrowdStrike Holdings, Inc.
$280
−40% from $465
Todd Weller CFA
Stephens
LII
Lennox International Inc.
$444
−37% from $710
Nicole Deblase
Deutsche Bank
AVAV
AeroVironment, Inc.
$285
−34% from $429
Anthony Valentini
Barclays
ADBE
Adobe Inc.
$261
−32% from $385
Paul Chew
Phillip Securities
CLBT
Cellebrite DI Ltd.
$15
−32% from $22
Rudy Kessinger
D.A. Davidson
APP
AppLovin Corporation
$450
−31% from $650
Matthew Cost
Morgan Stanley
TCOM
Trip.com Group Limited
$52
−31% from $75
Yang Liu CFA
Morgan Stanley
CAG
Conagra Brands, Inc.
$12.50
−31% from $18
David Palmer
Evercore ISI
MWA
Mueller Water Products, Inc.
$21
−30% from $30
Jeff Reive
RBC Capital

Change against the same analyst’s previous target on the stock, in the 7 days to Sep 20, 2026. Companies worth $2 billion or more; targets under $5 and jumps of 3× or more are left out (they are mostly data errors).

Upgrades and downgrades by sector

SectorUpgradesDowngradesTargets raised / cut
Consumer Cyclical10616 / 41
Industrials11510 / 21
Healthcare9676 / 22
Technology31256 / 18
Financial Services4710 / 25
Real Estate128 / 35
Energy2132 / 4
Consumer Defensive118 / 19
Basic Materials118 / 12
Communication Services025 / 3
Utilities020 / 7

Named calls in the 7 days to Sep 20, 2026; the top‑ranked analysts’ calls are not split by sector. Each sector links to the analysts with the best records in it.

New coverage

StockRating and targetAnalyst
New coverage
Buy
Target

Top‑ranked analyst
New coverage
Hold
Target

Top‑ranked analyst
New coverage
Buy
Target

Top‑ranked analyst
New coverage
Buy
Target

Top‑ranked analyst
New coverage
Buy
Target

Top‑ranked analyst
New coverage
Buy
Target

Top‑ranked analyst
New coverage
Buy
Target

Top‑ranked analyst
New coverage
Buy
Target

Top‑ranked analyst
New coverage
Buy
Target

Top‑ranked analyst
New coverage
Buy
Target

Top‑ranked analyst
New coverage
Buy
Target

Top‑ranked analyst
New coverage
Buy
Target

Top‑ranked analyst

Also newly covered: GEV · BKNG · WM · WBD · RSG · ADSK · NOK · FERG · KHC · FOXA · CNP · PPL · XYL · FCNCA · IOT · TSEM · WES · RIVN · ITT · SITM · CHTR · ECHO · IREN · JKHY · BSY · PSKY · FIG · UMBF · ONB · ZION · PCOR · HUT · SPXC · NTSK · CNM · AUGO · MP · VFC · AAON · RYTM · WULF · FNB · APLD · GRAL · CRC · IBP · GOLF · CRGY · CORZ · CRK · PAY · CIFR · FRSH · TARS · LION · MCHB · CELC · RCUS · BANC · FIVN · HAYW · ZYME · ASTH · SVV · PRSU · BAND · TSHA · SLVM · SHAZ · FCEL · PUMP · CAC · VSTM · TE · NGVC · BRUN · KOPN · SLDB · TKNO · STRZ · ABEO · ANIK · AGEN · MOVE · OBIO · CATX · PRLD · ZNTL · MNOV · MRLN · CUE · CHRN · TELO · SPRB · SLNH · GNLX · TMCR · MIRA · KYNB · IBIO · ATHE

Buy, Hold and Sell drift

Jul 19
Jul 26
Aug 2
Aug 9
Aug 16
Aug 23
Aug 30
Sep 6
Sep 13
Sep 20
7 days toUpgradesDowngradesBuy / Hold / Sell
Sep 20465168% / 28% / 4%
Sep 13445566% / 29% / 5%
Sep 6374667% / 30% / 3%
Aug 30304168% / 28% / 4%
Aug 23366168% / 29% / 4%
Aug 16558770% / 26% / 3%
Aug 99815367% / 29% / 4%
Aug 2639263% / 33% / 3%
Jul 26449062% / 33% / 5%
Jul 19546865% / 30% / 5%

Every rating published on a US stock counts, reiterations included. Buy ratings were 68% of them in the latest 7 days, against 65% in the 7 days to Jul 19, 2026: Wall Street’s ratings lean to Buy in almost every week, so the change matters more than the level.

How this page works

Exent records the ratings and price targets that Wall Street equity analysts publish on US‑listed stocks and shows them here 30 days after publication, updated every day. An upgrade or downgrade is a change of rating (Buy, Hold or Sell); new coverage is an analyst’s first rating on a stock; a price‑target change compares an analyst’s new target with their previous one on the same stock.

A rating is one analyst’s opinion, not a forecast you can bank on: across 628,792 rated calls in Exent’s 7‑year backtest, the average analyst’s price target was reached 52.4% of the time. That is why Exent ranks analysts by their record: see the analyst rankings and how accurate price targets are. What tends to happen to a stock after an upgrade: analyst upgrades explained.

Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.

See today’s calls from the best analysts

  1. Exent Gems shows the top‑ranked analysts’ ratings as they are published, with the stocks and price targets named, not 30 days later.
  2. Gems are the stocks where several of those analysts agree: Exent’s shortlist of high‑conviction ideas.
  3. Check any idea against your own portfolio first: correlation, concentration and crash exposure.

Exent is our product. Educational content, not investment advice.

Frequently asked questions

Among the largest companies, in the 7 days to Sep 20, 2026 (shown 30 days later): LLY (Kerry Holford, Berenberg Bank, Sep 14); UNP (Thomas Wadewitz, UBS, Sep 16); EQNR (Christopher Kuplent, Bank of America Securities, Sep 18); ABNB (Matthew Cost, Morgan Stanley, Sep 16); RMD (Craig Wong-Pan, RBC Capital, Sep 15). Calls from Exent's top-ranked analysts are members-only in Exent Gems (exent.ai/radar).

Among the largest companies, in the 7 days to Sep 20, 2026: NFLX (Steven Cahall, Wells Fargo, Sep 18); PANW (Peter Weed, Bernstein, Sep 17); ACN (Jason Kupferberg, Wells Fargo, Sep 14); NU (Pedro Leduc, Itau Unibanco, Sep 16); HON (Scott Davis, Melius Research, Sep 14).

An upgrade means an analyst raised their rating on a stock, for example from Hold to Buy; a downgrade is the reverse. It usually comes with a new 12-month price target. It is one analyst’s opinion at one firm, not a guarantee of returns.

Not reliably on average. Across 628,792 rated calls in Exent's 7-year backtest, the average analyst's price target was reached 52.4% of the time. Some analysts do much better over hundreds of calls, which is why Exent ranks them by track record (exent.ai/analysts).

Live calls are part of Exent Gems, a paid product. The public page shows every named call 30 days after publication, and the calls of Exent's top-ranked analysts only as locked rows.

Get the picks Wall Street’s best analysts agree on.

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Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.

DISCLAIMER: Exent AI is an informational research platform and does not provide investment advice, financial advice, or act as an investment adviser, broker-dealer, or fiduciary. All content, analytics, and model outputs are provided for educational and informational purposes only and should not be relied upon as a recommendation to buy, sell, or hold any financial instrument. Investing involves risk, including the possible loss of principal. Exent AI does not execute trades, hold customer funds, or provide brokerage services. Past performance and hypothetical results are not indicative of future results. Third-party data and AI-generated outputs may be incomplete or inaccurate.