Wednesday's Top Analyst Upgrades and Downgrades: Amgen, AppLovin, Dell, Dow, Marvell Technology, PayPal, RingCentral, Shopify, SoFi, Western Digital and More

Shopify Inc. (NYSE: SHOP): Citing a shift in investor sentiment and a challenging macroeconomic backdrop, Zacks selected this as the Bear of the Day stock. The shares have traded as high as $176.29 in the past year but closed most recently at $32.70. That is down more than 76% year to date.

Skyworks Solutions Inc. (NASDAQ: SWKS): Exane BNP Paribas initiated coverage with an Outperform rating and a $120 target price. The consensus target is higher at $137.57. Tuesday’s close was at $97.88.

SoFi Technologies Inc. (NASDAQ: SOFI): The BofA Securities upgrade to Buy from Neutral included a target price bump to $9 from $8. The consensus target is $8.54. The stock closed almost 9% lower on Tuesday at $5.84.

Steven Madden Ltd. (NASDAQ: SHOO): Loop Capital downgraded the popular footwear and accessories stock from Buy to Hold with a $30 target. The consensus target is $40.71 for now. The stock closed Tuesday at $28.96, down almost 8%, likely on the bad tape and the downgrade.

Twilio Inc. (NYSE: TWLO): KeyBanc Capital Markets initiated coverage with an Overweight rating. Its $96 price target is lower than the $140.81 consensus target. The $70.87 close on Tuesday was down over 6% for the day.

WESCO International Inc. (NYSE: WCC): Oppenheimer reiterated its Outperform rating with a $175 target price. The consensus target is $173.67. The shares were last seen on Tuesday trading at $137.98.

Western Digital Corp. (NASDAQ: WDC): Exane BNP Paribas started coverage with an Underperform rating and a $30 target price. The consensus target is up at $70. The shares closed on Tuesday at $39.32, down almost 10% on the day after warning that demand is eroding

Wipro Ltd. (NYSE: WIT): Goldman Sachs raised its Sell rating to Buy and has an odd $4.87 price target. The consensus target is $5.05. The stock closed on Tuesday at $5.12.

Wolfspeed Inc. (NYSE: WOLF): Evercore ISI initiated coverage with an Outperform rating and a $155 target price. The consensus target is just $114.97. The stock closed at $113.98 on Tuesday.

Given the expected surge in market volatility in October, seven safe dividend-paying stocks from the Goldman Sachs Conviction List of top picks may be the way for investors to go for now.

Another key analyst names a top pick from among six outstanding tech stocks.

Tuesday’s top analyst upgrades and downgrades included Adobe, Agnico Eagle Mines, Amgen, Barrick Gold, Comstock Resources, Enphase Energy, Huntsman,, Kinder Morgan, Lucid, Newmont, Okta, Starbucks, Union Pacific and Vale.

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