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Analyst Upgrades and Downgrades in September 2026: The Month in Numbers

Wall Street rating changes on US stocks in September 2026, counted: upgrades vs downgrades, price‑target raises vs cuts, week by week, by sector, by stock and by firm, compared with August.

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Key takeaways

  • Wall Street analysts downgraded more US stocks than they upgraded in September 2026: 231 downgrades vs 197 upgrades, out of 10,819 rating actions. They also started coverage 764 times.
  • Price targets went up more often than down over the month (1,612 raises vs 1,309 cuts), but the second half turned: from Sep 16 to 30 there were 737 cuts and 647 raises.
  • Downgrades fell faster than upgrades from August: 231 vs 370 (−37.6%) against 197 vs 240 (−17.9%). August had 1.54 downgrades per upgrade, September 1.17.
  • Energy and Technology saw the most target raises relative to cuts; Real Estate, Basic Materials and Industrials the fewest. Consumer stocks such as lululemon (16 analysts cut) led the target‑cut list.
  • Ratings stayed bullish: 67.7% of September’s ratings were Buy, 28.6% Hold and 3.7% Sell, almost the same mix as August.

Which stocks do Wall Street’s best‑ranked analysts agree on? See them in Exent Gems →

In this article
  1. Did analysts upgrade or downgrade more stocks in September 2026?
  2. How did analyst sentiment change during September?
  3. Which sectors got upgraded and downgraded most?
  4. Which stocks were upgraded and downgraded the most?
  5. Which stocks had the most price target raises and cuts?
  6. Which firms were most active, and what did changes look like?
  7. Which of these calls came from the best‑rated analysts?
  8. Method and limits

Did analysts upgrade or downgrade more stocks in September 2026?

Analysts downgraded more stocks than they upgraded in September 2026: 231 downgrades against 197 upgrades on US‑listed stocks, according to Exent’s analyst dataset. That is 1.17 downgrades for every upgrade. The same month brought 764 initiations (an analyst rating a stock for the first time), 1,612 price‑target raises and 1,309 target cuts. In all, analysts issued 10,819 rating actions, most of them reiterations of an existing rating.

The picture is mixed rather than gloomy. Rating changes leaned negative, but target changes leaned positive, and most ratings stayed at Buy. What an upgrade or a downgrade means on its own is covered in analyst upgrades explained and what happens after a downgrade.

August 2026September 2026Change
Rating actions (all kinds)16,93610,819−36.1%
Upgrades240197−17.9%
Downgrades370231−37.6%
Downgrades per upgrade1.541.17
Share rated Buy68.2%67.7%
Share rated Hold28.4%28.6%
Share rated Sell3.5%3.7%
Initiationsnot compared764
Target raises / cutsnot compared1,612 / 1,309

August was busier because it is the heart of earnings season, when analysts update almost every stock they cover. Initiations and target changes are not compared with August, because those counts were recorded at much lower daily rates in early August and we have not confirmed the two months were captured the same way.

How did analyst sentiment change during September?

It cooled through the month. Target raises outnumbered cuts two to one in the first week, then cuts took over: from Sep 16 to 30 there were 737 target cuts and 647 raises. The single busiest day for cuts was Sep 21, with 105. Upgrades peaked at 16 on Sep 8, and downgrades hit 20 on both Sep 8 and Sep 29.

WeekRating actionsUpgradesDowngradesInitiationsTarget raisesTarget cuts
Sep 1–61,8403141102454223
Sep 7–132,0064455208351242
Sep 14–202,2684654155314246
Sep 21–272,4374640153314347
Sep 28–302,2683041146179251
  • Sep 1–6
    Rating actions
    1,840
    Upgrades
    31
    Downgrades
    41
    Initiations
    102
    Target raises
    454
    Target cuts
    223
  • Sep 7–13
    Rating actions
    2,006
    Upgrades
    44
    Downgrades
    55
    Initiations
    208
    Target raises
    351
    Target cuts
    242
  • Sep 14–20
    Rating actions
    2,268
    Upgrades
    46
    Downgrades
    54
    Initiations
    155
    Target raises
    314
    Target cuts
    246
  • Sep 21–27
    Rating actions
    2,437
    Upgrades
    46
    Downgrades
    40
    Initiations
    153
    Target raises
    314
    Target cuts
    347
  • Sep 28–30
    Rating actions
    2,268
    Upgrades
    30
    Downgrades
    41
    Initiations
    146
    Target raises
    179
    Target cuts
    251

Weeks run Monday to Sunday; the first starts on Tuesday, Sep 1 and the last covers three days. Weekend dates carry a handful of actions, which are counted in their week.

Which sectors got upgraded and downgraded most?

Technology had the most downgrades (43) and Healthcare the next most (39), yet they also had the most target raises: Technology alone had 409 raises against 121 cuts. Energy was the most one‑sided, with 13 upgrades against 2 downgrades and 112 target raises against 22 cuts. Real Estate, Basic Materials and Industrials leaned the other way, with target cuts well ahead of raises.

SectorUpgradesDowngradesInitiationsTarget raisesTarget cutsRaises as % of target changes
Technology154312540912177.2%
Healthcare303915929813768.5%
Consumer Cyclical21267213521738.4%
Financial Services28368613311653.4%
Industrials2616518014635.4%
Real Estate131425313228.6%
Energy132461122283.6%
Basic Materials61243296630.5%
  • Technology
    Upgrades
    15
    Downgrades
    43
    Initiations
    125
    Target raises
    409
    Target cuts
    121
    Raises as % of target changes
    77.2%
  • Healthcare
    Upgrades
    30
    Downgrades
    39
    Initiations
    159
    Target raises
    298
    Target cuts
    137
    Raises as % of target changes
    68.5%
  • Consumer Cyclical
    Upgrades
    21
    Downgrades
    26
    Initiations
    72
    Target raises
    135
    Target cuts
    217
    Raises as % of target changes
    38.4%
  • Financial Services
    Upgrades
    28
    Downgrades
    36
    Initiations
    86
    Target raises
    133
    Target cuts
    116
    Raises as % of target changes
    53.4%
  • Industrials
    Upgrades
    26
    Downgrades
    16
    Initiations
    51
    Target raises
    80
    Target cuts
    146
    Raises as % of target changes
    35.4%
  • Real Estate
    Upgrades
    13
    Downgrades
    14
    Initiations
    2
    Target raises
    53
    Target cuts
    132
    Raises as % of target changes
    28.6%
  • Energy
    Upgrades
    13
    Downgrades
    2
    Initiations
    46
    Target raises
    112
    Target cuts
    22
    Raises as % of target changes
    83.6%
  • Basic Materials
    Upgrades
    6
    Downgrades
    12
    Initiations
    43
    Target raises
    29
    Target cuts
    66
    Raises as % of target changes
    30.5%

The eight most active of 11 sectors, ordered by activity. Sector counts use the public, named calls only (see the method below), so they add up to less than the month totals. Smaller companies were downgraded more often: among named rating changes, downgrades were 63.6% for companies under $2 billion in market value, 57.4% for $2–10 billion and 49.0% for $10–200 billion. The 11 changes on $200 billion‑plus companies were mostly upgrades (8 of 11).

Which stocks were upgraded and downgraded the most?

Synopsys was the most‑upgraded stock among named calls, by four analysts from four firms between Sep 8 and Sep 25. Ultragenyx Pharmaceutical was the most downgraded, by six analysts from six firms on Sep 3–5. Eight more stocks were upgraded by analysts at two different firms. The table counts a stock only when the calls came from at least two firms.

Most upgradedSectorAnalysts upgradingFirmsDates
Synopsys (SNPS)Technology44Sep 8–25
Airbnb (ABNB)Consumer Cyclical22Sep 8–16
Capricor Therapeutics (CAPR)Healthcare22Sep 1–14
Etsy (ETSY)Consumer Cyclical22Sep 14–18
Kaiser Aluminum (KALU)Basic Materials22Sep 1–18
Macerich (MAC)Real Estate22Sep 21–24
Magnolia Oil & Gas (MGY)Energy22Sep 8–23
Martin Marietta Materials (MLM)Basic Materials22Sep 2–9
Royal Caribbean (RCL)Consumer Cyclical22Sep 28
  • Synopsys (SNPS)
    Sector
    Technology
    Analysts upgrading
    4
    Firms
    4
    Dates
    Sep 8–25
  • Airbnb (ABNB)
    Sector
    Consumer Cyclical
    Analysts upgrading
    2
    Firms
    2
    Dates
    Sep 8–16
  • Capricor Therapeutics (CAPR)
    Sector
    Healthcare
    Analysts upgrading
    2
    Firms
    2
    Dates
    Sep 1–14
  • Etsy (ETSY)
    Sector
    Consumer Cyclical
    Analysts upgrading
    2
    Firms
    2
    Dates
    Sep 14–18
  • Kaiser Aluminum (KALU)
    Sector
    Basic Materials
    Analysts upgrading
    2
    Firms
    2
    Dates
    Sep 1–18
  • Macerich (MAC)
    Sector
    Real Estate
    Analysts upgrading
    2
    Firms
    2
    Dates
    Sep 21–24
  • Magnolia Oil & Gas (MGY)
    Sector
    Energy
    Analysts upgrading
    2
    Firms
    2
    Dates
    Sep 8–23
  • Martin Marietta Materials (MLM)
    Sector
    Basic Materials
    Analysts upgrading
    2
    Firms
    2
    Dates
    Sep 2–9
  • Royal Caribbean (RCL)
    Sector
    Consumer Cyclical
    Analysts upgrading
    2
    Firms
    2
    Dates
    Sep 28
Most downgradedSectorAnalysts downgradingFirmsDates
Ultragenyx Pharmaceutical (RARE)Healthcare66Sep 3–5
Cooper Companies (COO)Healthcare44Sep 10–12
Amrize (AMRZ)Basic Materials33Sep 2–9
Fluence Energy (FLNC)Utilities33Sep 3–17
Lifecore Biomedical (LFCR)Healthcare33Sep 28–29
TScan Therapeutics (TCRX)Healthcare33Sep 2–9
  • Ultragenyx Pharmaceutical (RARE)
    Sector
    Healthcare
    Analysts downgrading
    6
    Firms
    6
    Dates
    Sep 3–5
  • Cooper Companies (COO)
    Sector
    Healthcare
    Analysts downgrading
    4
    Firms
    4
    Dates
    Sep 10–12
  • Amrize (AMRZ)
    Sector
    Basic Materials
    Analysts downgrading
    3
    Firms
    3
    Dates
    Sep 2–9
  • Fluence Energy (FLNC)
    Sector
    Utilities
    Analysts downgrading
    3
    Firms
    3
    Dates
    Sep 3–17
  • Lifecore Biomedical (LFCR)
    Sector
    Healthcare
    Analysts downgrading
    3
    Firms
    3
    Dates
    Sep 28–29
  • TScan Therapeutics (TCRX)
    Sector
    Healthcare
    Analysts downgrading
    3
    Firms
    3
    Dates
    Sep 2–9

Clusters like these usually follow one piece of company news, such as a trial result, an earnings report or a deal. The dataset records the call, not the reason, so read the company’s own release before reading anything into a cluster. Upgrades were spread thin: 145 different stocks got at least one named upgrade and 153 at least one named downgrade, and five stocks got both in the same month.

Which stocks had the most price target raises and cuts?

Snowflake had the most target raises, from 29 analysts on Sep 3–4. Software and security stocks fill most of the raise list. lululemon had the most target cuts, from 16 analysts, and consumer names such as AutoZone, McDonald’s, Nike and Carnival dominate the cut list.

Most target raisesAnalysts raisingAnalysts cuttingDates of raises
Snowflake (SNOW)290Sep 3–4
Okta (OKTA)200Sep 14–29
GitLab (GTLB)160Sep 1–9
Palo Alto Networks (PANW)160Sep 2–28
Five Below (FIVE)132Sep 2–4
Samsara (IOT)130Sep 3–4
Zscaler (ZS)131Sep 3–29
Adobe (ADBE)124Sep 1–14
Dell Technologies (DELL)110Sep 1–3
MongoDB (MDB)116Sep 1–3
Most target cutsAnalysts cuttingAnalysts raisingDates of cuts
lululemon (LULU)160Sep 2–10
AutoZone (AZO)120Sep 10–23
Ionis Pharmaceuticals (IONS)111Sep 8–24
Carnival (CCL)104Sep 14–30
McDonald’s (MCD)100Sep 11–28
Nike (NKE)100Sep 14–29
ServiceTitan (TTAN)90Sep 9–10
Ultragenyx Pharmaceutical (RARE)85Sep 3–4
Stryker (SYK)80Sep 9–30
Chewy (CHWY)71Sep 4–29

Raises were bigger than cuts. Among named target changes with a previous target on record, the median raise was 12.4% and the median cut 9.1%; 21.5% of raises were 25% or more, against 11.2% of cuts. How often targets are reached at all is in are analyst price targets accurate.

Which firms were most active, and what did changes look like?

Wells Fargo made the most named calls in September, and it cut more targets than it raised. J.P. Morgan made the most rating changes: 20 upgrades and 30 downgrades.

FirmNamed callsUpgradesDowngradesInitiationsTarget raisesTarget cuts
Wells Fargo21812121478102
UBS198105238476
J.P. Morgan1882030156360
Morgan Stanley1781314228247
Goldman Sachs16621198163
Bank of America Securities144912127041
Barclays1209465447
Citi1063483754
Jefferies9822223834
Evercore ISI983042764
  • Wells Fargo
    Named calls
    218
    Upgrades
    12
    Downgrades
    12
    Initiations
    14
    Target raises
    78
    Target cuts
    102
  • UBS
    Named calls
    198
    Upgrades
    10
    Downgrades
    5
    Initiations
    23
    Target raises
    84
    Target cuts
    76
  • J.P. Morgan
    Named calls
    188
    Upgrades
    20
    Downgrades
    30
    Initiations
    15
    Target raises
    63
    Target cuts
    60
  • Morgan Stanley
    Named calls
    178
    Upgrades
    13
    Downgrades
    14
    Initiations
    22
    Target raises
    82
    Target cuts
    47
  • Goldman Sachs
    Named calls
    166
    Upgrades
    2
    Downgrades
    1
    Initiations
    19
    Target raises
    81
    Target cuts
    63
  • Bank of America Securities
    Named calls
    144
    Upgrades
    9
    Downgrades
    12
    Initiations
    12
    Target raises
    70
    Target cuts
    41
  • Barclays
    Named calls
    120
    Upgrades
    9
    Downgrades
    4
    Initiations
    6
    Target raises
    54
    Target cuts
    47
  • Citi
    Named calls
    106
    Upgrades
    3
    Downgrades
    4
    Initiations
    8
    Target raises
    37
    Target cuts
    54
  • Jefferies
    Named calls
    98
    Upgrades
    2
    Downgrades
    2
    Initiations
    22
    Target raises
    38
    Target cuts
    34
  • Evercore ISI
    Named calls
    98
    Upgrades
    3
    Downgrades
    0
    Initiations
    4
    Target raises
    27
    Target cuts
    64

Most rating changes were one step. Of named upgrades, 65.3% went from Hold to Buy and 12.6% from Sell to Hold. Of named downgrades, 53.7% went from Buy to Hold and 15.3% from Hold to Sell. Firms use different words (Overweight, Outperform, Neutral), which are mapped to Buy, Hold and Sell here. Why Sell ratings stay so rare is in why analysts rarely say sell.

Which of these calls came from the best‑rated analysts?

The stock, sector and firm tables leave them out. Analysts differ a lot in how often their past calls worked, and the calls of the analysts with the best records are counted in the month totals above but not named on this page. Which stocks they upgraded and downgraded in September, and what they changed in October, is in Exent Gems. Track records of named analysts are on the analyst rankings, and whether upgrades moved stocks in the past is in do analyst upgrades move stocks.

Method and limits

  • Source: the analyst dataset described above, Wall Street ratings on US‑listed stocks (NYSE, Nasdaq, NYSE American), published with a 30‑day delay. This edition uses data through Oct 2, 2026; September covers calendar days Sep 1–30, 2026.
  • Upgrade: an analyst moves a stock to a more positive rating. Downgrade: to a less positive one. Initiation: the analyst’s first rating on the stock. Target raise or cut: the analyst moves the price target up or down from their previous target on the stock. Rating actions also include reiterations.
  • Month totals and the weekly table count every analyst. The sector, size, stock, firm and rating‑step figures use the public subset: named calls from analysts outside the top‑ranked group. Those top‑ranked calls are in the totals but are not named.
  • Repeat entries (same day, stock, analyst and kind of call) count once. Stock tables count distinct analysts, so an analyst who changed a target twice counts once. In some rows the previous rating was not recorded.
  • Per‑call detail starts on Aug 29, 2026, so August is compared on month totals only. Totals can move slightly as late‑recorded actions arrive.
  • Company size uses market value in the dataset at the Nov 1, 2026 export. This page counts calls; it does not measure what the stocks did afterwards and is not a recommendation.

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Frequently asked questions

More downgrades. Analysts made 231 downgrades and 197 upgrades on US-listed stocks in September 2026, or 1.17 downgrades per upgrade, down from 1.54 in August.

Among named calls, Synopsys, upgraded by four analysts from four firms between September 8 and 25. Eight other stocks, including Airbnb, Etsy and Royal Caribbean, were upgraded by analysts at two different firms.

Among named calls, lululemon had the most, with 16 analysts cutting their targets, followed by AutoZone with 12, Ionis Pharmaceuticals with 11, and Carnival, McDonald’s and Nike with 10 each.

They raised more over the whole month, 1,612 raises against 1,309 cuts. The second half was different: from September 16 to 30 there were 737 cuts and 647 raises.

In September 2026, 67.7% of ratings were Buy, 28.6% Hold and 3.7% Sell, close to August’s 68.2%, 28.4% and 3.5%.

The public dataset behind this page is released with a 30-day delay, so September is complete only once data through October 1 is out. Newer calls are not shown here.

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