Analyst Ratings Snapshot — November 26, 2025 — Upgrades & Downgrades

Executive Summary

Over the past 24 hours, analysts issued 207 rating and price-target actions. Net tone was slightly bullish, with 68 positive actions (upgrades and target hikes) versus 60 negative actions (downgrades and target cuts), and 79 neutral moves (reiterations, initiations, and maintained targets.

Retail and consumer names led some of the most dramatic positive resets, especially Kohl’s and select specialty retailers, where multiple firms sharply raised price targets after strong earnings. On the other side, CleanSpark and GoHealth took notable hits as several firms slashed targets or turned more cautious.

Tech and cloud software saw busy but mixed activity: bullish clusters around Autodesk and parts of security software contrasted with more cautious tones on Workday and Zscaler, where target trims dominated despite a few upgrades and positive reiterations.

Activity Breakdown

Overall Rating Activity (Last 24 Hours)

Net Sentiment:

• Bullish actions (upgrades + PT raises): 68
• Bearish actions (downgrades + PT cuts): 60
• Neutral/mixed: 79

Tone leans modestly bullish, with positive calls slightly outnumbering negative ones, but a large neutral bucket shows analysts fine-tuning rather than dramatically re-writing their views.

Top Notable Rating Clusters & Moves

Below are some of the most impactful rating actions, based on firm tier, rating type, and size of price-target change.

1. 🟢 Kohl’s — Strong Bullish Cluster in Department Stores
   • Firms: UBS, Baird, Cowen, Telsey, Evercore ISI, BTIG
   • Evercore ISI lifted its target to $21 from $13 (≈ +61.5%), while UBS raised its target to $7 from $4.50 (≈ +55.6%), and Telsey moved to $23 from $16 (≈ +43.8%).
   • Multiple firms cite improved performance, stabilization signs, and better brand momentum, even as BTIG stays Neutral despite strong Q3 results.
   • Signal strength: Strong bullish on valuation reset, with some residual caution on execution.
2. 🟢 Fluence Energy — Strong Re-rating in Clean Energy Storage
   • Firms: Morgan Stanley (Tier 1), Susquehanna, Jefferies, Canaccord Genuity, RBC Capital
   • Canaccord Genuity raised its target to $25 from $10 (≈ +150%), Morgan Stanley went to $14 from $12 (~+16.7%), and RBC lifted to $10 from $9 (~+11.1%).
   • Jefferies also upgraded the stock on an improving outlook, with backlogs and growth visibility front and center.
   • Signal strength: Strong bullish cluster from a mix of Tier 1 and sector specialists.
3. 🔴 CleanSpark — Broad Target Cuts in Crypto/Mining
   • Firms: Macquarie, B. Riley, H.C. Wainwright, Cantor Fitzgerald (all active, several sector-focused)
   • Multiple cuts cluster around the low-20s price zone, including $27, $22, $27, and $21 targets, with commentary pointing to peer group weakness and uncertainty around an AI pivot.
   • Signal strength: Moderate to strong bearish, centered on sector and strategy risk rather than a single datapoint.
4. 🔴 GoHealth — Deep Target Cut at RBC Capital
   • RBC Capital slashed its target to $5 from $12 (≈ −58.3%), one of the largest percentage cuts in the entire set.
   • Signal strength: Strong bearish; the magnitude of the cut suggests a major reset in expectations.
5. 🟢 Terns Pharmaceuticals — High-Conviction Raise in Biotech
   • Citi (Tier 1) boosted its target to $35 from $25 (≈ +40%).
   • Signal strength: Strong bullish; a large target hike in a catalyst-driven biotech name.
6. 🟢 Petco — Split Views but a Big Target Hike
   • Evercore ISI (Tier 1) raised Petco’s target to $4 from $3 (≈ +33.3%), while Jefferies trimmed from $4.15 to $4.05 (~−2.4%).
   • Signal strength: Net moderate bullish, but with valuation sensitivity and mixed conviction across firms.
7. 🟢 Amentum — Broad-Based Re-rating
   • RBC Capital lifted its target to $30 from $26 (~+15.4%), Citizens went to $35 from $30 (~+16.7%), and Truist also raised its target.
   • Morgan Stanley (Tier 1) upgraded the stock, citing nuclear and infrastructure drivers.
   • Signal strength: Strong bullish, with both rating and target momentum.
8. 🔴 Pinterest — Target Cut at Morgan Stanley
   • Morgan Stanley (Tier 1) reduced its target to $32 from $41 (≈ −22.0%), while keeping an Overweight rating.
   • Signal strength: Strong neutral-to-bearish on valuation; rating stays positive, but expectations are reset lower.
9. 🟢 Mallplaza & Carlsberg — Upgrades at JPMorgan (Tier 1)
   • JPMorgan upgraded Mallplaza to Overweight on superior growth prospects.
   • Carlsberg was also upgraded to Overweight on expected volume recovery.
   • Signal strength: Strong bullish; classic “quality growth” upgrades from a Tier 1 house.
10. 🟢 Oscar Health — Profitability-Driven Upgrade
    • Piper Sandler (Tier 1 tech/healthcare specialist) upgraded Oscar Health on a clearer path to profitability.
    • Signal strength: Strong bullish, hinging on execution and margin visibility.
11. 🔴 Colruyt — Barclays Turns More Bearish on Belgian Retail
    • Barclays (Tier 1) downgraded Colruyt to Underweight on Belgian market challenges.
    • Signal strength: Strong bearish; a clear negative stance from a top-tier European house.
12. 🔴 Dyno Nobel — Goldman Sachs Downgrade on Valuation
    • Goldman Sachs (Tier 1) downgraded Dyno Nobel to Neutral on valuation concerns.
    • Signal strength: Strong bearish in terms of relative preference (moving off the Buy list).
13. 🔴 Shell — UBS Turns Neutral on Valuation
    • UBS (Tier 1) downgraded Shell to Neutral, again citing valuation.
    • Signal strength: Strong bearish vs prior stance but framed as a valuation call, not a fundamental collapse.
14. 🟢 Autodesk — Cluster of Positive Targets After Strong Q3
    • Baird raised its target to $377, Rosenblatt moved to $375, and BMO Capital nudged its target to $343 from $333 (~+3.0%).
    • Multiple firms reiterated Buy/Outperform ratings after strong quarterly results.
    • Signal strength: Moderate bullish; estimates drift higher and conviction remains solid.
15. ⚪ / 🟢 Zscaler — Heavy Activity, Mixed Signals in Cybersecurity
    • Baird raised its target to $360, Bernstein moved to $264, while UBS, Needham, Scotiabank, Stifel, and Mizuho all cut targets (one explicit trim to $320 from $330).
    • CapitalOne upgraded the stock, and others reiterated positive ratings despite target cuts.
    • Signal strength: Mixed; fundamentals still seen as strong, but growth expectations are being recalibrated.
16. 🔴 Workday — Target Trims Across Multiple Firms
    • UBS lowered its target to $240, TD Cowen trimmed to $280 from $290, RBC to $320 from $340, and KeyBanc to $260 from $285.
    • At the same time, Cantor Fitzgerald, Needham, Citizens and Oppenheimer reiterated positive ratings, often citing AI momentum.
    • Signal strength: Neutral to mildly bearish on valuation vs growth; structurally positive but with lower near-term multiples.
17. 🟢 Best Buy & Urban Outfitters — Retail Targets Lifted Post-Earnings
    • UBS raised Best Buy to $96 and $95 in separate notes on strong Q3 and market share gains.
    • Targets on Urban Outfitters were hiked to the $80–85 range on strong Q3 performance.
    • Signal strength: Moderate bullish; analysts see earnings strength and better positioning, but not an unlimited runway.
18. ⚪ Nvidia — Outperform Reiterated at Bernstein
    • Bernstein reiterated an Outperform rating on Nvidia, maintaining a $275 price target.
    • Signal strength: Neutral in terms of change, but it reinforces existing high conviction in AI leadership.

Thematic Analysis

1. Retail & Consumer: Strong Re-rating, Especially in Department Stores

• Around 18 rating actions hit retail and consumer names.
• Kohl’s stands out with five separate target hikes plus a Neutral reiteration despite strong Q3 results—classic “good quarter, still cautious” framing.
• Best Buy and Urban Outfitters also saw sizable target increases tied to strong Q3 results, market share gains, and improved demand trends.
• American Woodmark was a notable exception with a target cut on weak demand, reminding that not all consumer-exposed names are being pulled higher.

Net signal: Bullish for select retailers that have executed well, but valuation and demand concerns still filter through the broader consumer complex.

2. Tech & Cloud Software: Busy Tape, Mixed Bias

Roughly 48 actions touched tech, cloud software, and related infrastructure:

• Autodesk: broad cluster of target raises and positive reiterations after strong results. Analysts are nudging numbers higher and keeping Buy/Outperform ratings.
• Zscaler: heavy flow with multiple target cuts (UBS, Needham, Scotiabank, Stifel, Mizuho) offset by raises (Baird, Bernstein) and an upgrade from CapitalOne. Growth is still there, but the bar is being reset.
• Workday: several target cuts on growth concerns and execution risk, but ratings from names like Cantor, Needham, Citizens, and Oppenheimer remain positive, often citing AI-driven upside over the long run.
• Other software and infrastructure plays (Oracle, PagerDuty, NetApp, Ambarella, etc.) saw a mix of incremental raises and trims, reflecting more fine-tuning than wholesale re-rating.

Net signal: Moderate bullish overall, but bifurcated—high-quality names with strong quarters (e.g., Autodesk) are rewarded, while growth stories with higher expectations (Workday, Zscaler) see more careful calibration.

3. Energy & Resources: Polarized Between Clean Energy and Traditional Names

Around a dozen actions hit energy and resource-linked names:

• Fluence Energy saw a decisive bullish turn, with multiple firms lifting targets sharply and one move of +150% (to $25 from $10).
• CleanSpark was on the other side of the spectrum, with several firms cutting targets into the low-20s and highlighting peer group weakness and AI-pivot uncertainty.
• Traditional energy names like Shell saw more valuation-driven moves, including a downgrade to Neutral at UBS.

Net signal: Bullish on select clean-energy storage, cautious to bearish on crypto-adjacent energy plays and rich-valued integrated majors.

4. Healthcare & Biotech: Selective but Significant

Roughly 8 rating actions involved healthcare and biotech names:

• Terns Pharmaceuticals (Citi) and Cullinan Oncology (Jones Trading) received aggressive or supportive target raises, reflecting confidence in clinical catalysts.
• Oscar Health saw a profitability-driven upgrade at Piper Sandler, elevating it into a higher-conviction growth/turnaround bucket.
• At the same time, names like GoHealth suffered steep target cuts, and other healthcare names faced downgrades on delayed profitability or macro concerns.

Net signal: Selective bullishness focused on clear catalysts and improving profitability, with sharp punishment where the thesis wobbles.

5. Contrarian & Contextual Calls

A few headlines explicitly highlight tension between fundamentals and rating direction:

• Temple & Webster was upgraded to Buy by Jefferies despite growth slowdown — a contrarian bet that normalization is already priced in.
• Kohl’s had a Neutral reiteration at BTIG despite strong Q3, suggesting that, for some analysts, good news may be mostly reflected in the price.
• Workday maintained an Outperform rating at Oppenheimer despite a mixed outlook, emphasizing long-term thesis over short-term noise.
• Several “amid” headlines (Celsius, Oracle, Coursera) show analysts leaning on strategic transitions and AI strategies even when near-term headwinds are present.

These moves are worth watching as they often signal higher-conviction, longer-horizon views that may diverge from recent price action.

Sector Breakdown (Approximate)

Based on company focus and business lines, rating actions cluster roughly as:

• Technology & Cloud Software (~48 actions)
  • Names: Autodesk, Workday, Zscaler, Oracle, NetApp, PagerDuty, Pinterest, Ambarella, Dell, HP
  • Theme: AI, cloud, and security remain core drivers, but expectations are being adjusted name by name.
• Retail & Consumer (~18 actions)
  • Names: Kohl’s, Best Buy, Urban Outfitters, Dick’s Sporting Goods, American Woodmark, Helen of Troy
  • Theme: Strong earnings and improved demand are rewarded with higher targets, yet valuations are scrutinized.
• Energy & Resources (~12 actions)
  • Names: Fluence Energy, CleanSpark, SSR Mining, Shell, First Quantum
  • Theme: Split between enthusiasm for clean-energy infrastructure and caution on more cyclical or crypto-linked plays.
• Healthcare & Biotech (~8 actions)
  • Names: Terns Pharmaceuticals, Cullinan Oncology, Oscar Health, GoHealth, Medley, Biohaven, Ipsen, Vera Therapeutics
  • Theme: Focus on trial catalysts and profitability milestones; big moves when expectations shift.

Analyst Firm Activity

Most Active Firms (by number of rating actions)

1. UBS – 23 actions (balanced mix of hikes and cuts across retail, software, and energy)
2. Bank of America (BofA) – 12 actions (skewing more toward neutral fine-tuning)
3. Cowen – 11 actions (notably active in retail and growth names; more negative than positive overall)
4. Morgan Stanley – 10 actions (slightly bullish, with key moves in tech and infrastructure)
5. Citigroup (Citi) & Jefferies – 9 actions each (Citi more neutral/positive, Jefferies showing both upgrades and cuts in growth sectors)

Tier 1 Consensus Snapshot

Among Tier 1 firms as a group:

• Bullish actions: 26
• Bearish actions: 22
• Neutral actions: 28

This reinforces a mildly bullish but cautious stance: analysts are still willing to upgrade and raise targets where they see upside, but valuation and execution risks are regularly cited in cuts and downgrades.

Market Implications

The last 24 hours of analyst activity suggest a market where stock-picking and differentiation matter more than broad sector calls.

• Retail & consumer names that have just proven themselves with strong earnings (Kohl’s, Best Buy, Urban Outfitters) are being re-rated higher. However, neutral calls “despite strong results” show that some analysts think the easy money has already been made.
• In tech, analysts are becoming more granular: AI and design-software winners like Autodesk are rewarded, while names with more complex growth narratives (Workday, Zscaler) see target trims even when ratings stay positive.
• Energy and clean-energy flows show investors being asked to distinguish between infrastructure-backed demand stories (Fluence Energy) and more speculative or volatile plays (CleanSpark).
• In healthcare and biotech, big target moves around catalysts (Terns, Oscar Health, GoHealth) highlight how quickly the sell-side can re-price risk as clinical or profitability narratives evolve.

Overall, the pattern looks consistent with an environment where valuation discipline and earnings quality matter at least as much as broad macro calls. Clusters of upgrades and target hikes in select names may be early signals of where institutional capital is concentrating.

Key Takeaways

• Slight bullish tilt: 68 positive vs 60 negative rating actions, with many neutral reiterations.
• Retail re-rating: Kohl’s, Best Buy, and Urban Outfitters stand out with multiple target hikes after strong Q3 prints.
• Tech in calibration mode: Autodesk and some security names see positive flows, while Workday and Zscaler illustrate how high-expectation names are being re-priced.
• Energy split: Strong enthusiasm for grid-scale storage (Fluence Energy) contrasts with cautious views on CleanSpark and valuation-rich majors like Shell.
• Healthcare volatility: Large target changes for Terns, Oscar Health, and GoHealth show how quickly expectations can pivot around catalysts and profitability.
• Tier 1 firms are active but measured: Consensus leans modestly bullish, with a clear willingness to cut targets or downgrade when valuation gets stretched.

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