Here’s a summary of the most influential analyst rating changes compiled by The Fly that investors should watch today.
**Five Key Upgrades**
Truist Securities upgraded Five Below (FIVE) from "Hold" to "Buy," raising the price target from $179 to $216, citing the company’s Q3 earnings as a "game-changer."
Cowen Group lifted Ulta Beauty (ULTA) from "Hold" to "Buy," increasing the target from $600 to $725, citing confidence in the new CEO and management team to drive stronger merchandising, disciplined promotions, and global expansion.
Morgan Stanley upgraded General Motors (GM) from "Neutral" to "Overweight," sharply raising the target from $54 to $90 as part of its 2026 auto and mobility sector outlook adjustments.
Bank of America upgraded Synopsys (SNPS) from "Underperform" to "Neutral," slightly lowering the target from $525 to $500, suggesting the Dec. 10 EPS guidance call could mark a "clearing event" for concerns over China weakness, Intel IP softness, and ANSYS integration costs.
HSBC upgraded Visa (V) from "Hold" to "Buy," raising the target from $335 to $389, citing valuation support and resilient financials, with service-driven growth sustaining its premium model.
**Five Key Downgrades**
Rosenblatt Securities downgraded Netflix (NFLX) from "Buy" to "Neutral," slashing the target from $152 to $105 after its surprise $83B Warner Bros. Discovery/HBO deal. KeyBanc also cut Netflix to "Hold," lowering its target from $160 to $105.
Morgan Stanley downgraded Rivian (RIVN) from "Neutral" to "Underweight," keeping its $12 target, citing a "cautious" 2026 EV outlook. It also downgraded Lucid (LCID) to "Underweight," cutting the target from $30 to $10.
Morgan Stanley’s new coverage analyst downgraded Tesla (TSLA) from "Overweight" to "Neutral," nudging the target up slightly from $410 to $425. While acknowledging Tesla’s leadership in autonomy, renewables, and robotics, it flagged a 30x 2030 EBITDA multiple and near-term earnings risks, preferring to wait for a better entry point. The firm also cut Tesla’s 2026 volume forecast to 13% below consensus, noting "non-auto positives" are fully priced in.
Deutsche Bank downgraded 3M (MMM) from "Buy" to "Hold," lowering the target from $199 to $178, expecting only "low single-digit" upside to consensus estimates through 2028.
Benchmark downgraded Marvell (MRVL) from "Buy" to "Hold" and removed its target, citing "high conviction" that Amazon’s Tranium 3/4 chip orders shifted to Taiwan’s Powertech, explaining MRVL’s muted 20% 2026 XPU growth outlook.
**Five Notable Initiations**
JPMorgan initiated SanDisk (SNDK) at "Neutral," target $235, viewing pricing power as cyclical, not structural.
Mizuho started Commvault (CVLT) at "Outperform," target $190, praising its data backup/recovery and cyber-resilience platform.
Bank of America initiated Pinnacle Financial (PNFP) at "Buy," target $113, calling it a "discounted high-growth Southeast regional bank play."
Morgan Stanley initiated QuantumScape (QS) at "Neutral," target $12, seeing balanced risk/reward.
JMP Securities initiated Main Street Capital (MAIN) at "Outperform," target $70 (22% upside), calling recent sector weakness largely unjustified.