This post is for informational purposes only — not financial advice. Read our full disclaimer.
Wall Street had a busy week. Analysts turned bullish on retail and energy names — HSBC made the boldest call of the week on Target — while slashing ratings on PepsiCo, Moderna, and others. Here are the 5 most significant upgrades and 5 most significant downgrades from the trading week of September 28 – October 2, 2026, grouped by sector.
Index
Upgrades — Consumer
Upgrades — Energy
Upgrades — Healthcare
Downgrades — Consumer Staples
Downgrades — Energy
Downgrades — Healthcare
Quote of the week
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Upgrades
Consumer
| Symbol | Company | Firm | Rating change | Price target | Why it matters |
|---|---|---|---|---|---|
| TGT | Target | HSBC | Hold → Buy | $125 → $190 | HSBC analyst Joe Thomas says Target’s turnaround is “gaining momentum” — Q2 showed a traffic-driven recovery and he sees room for earnings to beat forecasts. With the stock already up about 63% in 2026, this call bets the rally still has legs. |
| SG | Sweetgreen | Wells Fargo | Equal Weight → Overweight | $6 → $11 | Wells Fargo says concerns tied to the Cyclospora outbreak are easing and customer traffic is recovering — a turnaround bet on a stock down roughly 80% from its 2024 peak. |
| ABNB | Airbnb | KeyBanc | Sector Weight → Overweight | $191 (new) | Analyst Sergio Segura sees durable growth in the core rentals business, with hotel bookings emerging as a new growth engine. |
Energy
| Symbol | Company | Firm | Rating change | Price target | Why it matters |
|---|---|---|---|---|---|
| OXY | Occidental Petroleum | Goldman Sachs | Neutral → Buy | $63 → $69 | Goldman cites strong debt reduction, improving capital efficiency, and an attractive risk/reward profile. |
Healthcare
| Symbol | Company | Firm | Rating change | Price target | Why it matters |
|---|---|---|---|---|---|
| UTHR | United Therapeutics | BTIG | Neutral → Buy | $728 | One of the boldest price targets of the week — BTIG sees major upside in the biotech’s growth story. |
Downgrades
Consumer Staples
| Symbol | Company | Firm | Rating change | Price target | Why it matters |
|---|---|---|---|---|---|
| PEP | PepsiCo | JPMorgan | Overweight → Neutral | $170 → $138 | Analyst Andrea Teixeira says PepsiCo’s North American turnaround has stalled while transport and operating costs climb. Deutsche Bank also cut to Hold this week, and the stock hit a new 52-week low ahead of October 8 earnings. |
Energy
| Symbol | Company | Firm | Rating change | Price target | Why it matters |
|---|---|---|---|---|---|
| XOM | Exxon Mobil | Wells Fargo | Overweight → Equal Weight | $182 | Wells Fargo steps to the sidelines on the integrated oil giant. |
| ORA | Ormat Technologies | UBS | Buy → Neutral | $157 → $100 | UBS slashed the price target by more than a third — a steep reset on the geothermal producer. |
Healthcare
| Symbol | Company | Firm | Rating change | Price target | Why it matters |
|---|---|---|---|---|---|
| MRNA | Moderna | Citi (Geoff Meacham) | Neutral → Sell | $60 → $80 | After a roughly 700% run since August’s intismeran melanoma trial data, Citi says oncology expectations are unrealistic — even assigning a 100% chance of cancer-vaccine success only justifies about $100 a share. |
| LQDA | Liquidia | BTIG | → Neutral (downgrade) | — | A court ruled Yutrepia infringed United Therapeutics’ patents; BTIG cut to Neutral, Wells Fargo also downgraded, and the stock is on track for its worst week on record. |
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Quote of the week
“The stock market is a device for transferring money from the impatient to the patient.” — Warren Buffett
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Not financial advice. Analyst ratings are opinions — do your own research.
