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Here Are Wednesday’s Top Wall Street Analyst Research Calls: Applied Digital, Chipotle Mexican Grill, Cirrus Logic, Costco, Digital Realty Trust, Intuitive Surgical, Netflix, Robinhood Markets, Zscaler, and More

Wall Street analysts delivered a flurry of bold calls Wednesday, including a double-downgrade that shocked one cybersecurity giant and a sharp cut on a beloved restaurant chain. Find out which stocks got upgraded, buried, or newly covered before the market…

By Lee Jackson
Published October 21, 2026, 8:02am ET · 4 min read

A black street sign for 'WALL ST' with address numbers '11-21' and an arrow pointing right, is mounted on a weathered grey pole. Below it, another black sign for 'BROAD ST' with numbers '1-267' is visible. In the blurred background, an American flag with white stars on a blue field and red and white stripes is visible, along with tall, light-colored buildings.
The iconic intersection of Wall Street and Broad Street in New York City, a global center for finance, reflects the ongoing market's assessment of major institutions like Wells Fargo. © robertcicchetti / Getty Images

Pre-Market Stock Futures:

Futures are trading higher after a string of solid earnings hit the target on a strong Tuesday across Wall Street, with three major indices closing higher and optimism over third-quarter earnings giving buyers a strong tailwind. The big move Tuesday was in the small-cap Russell 2000, which rose 1.65% to finish at $2,773. The Dow Jones industrials also posted a strong session, ending Tuesday at 52,495, up 1.02%, while the S&P 500 was last seen at 7.712, up 0.28%. The only major index that closed down, and only slightly, was the tech-heavy Nasdaq, which finished at 26,424, down just 0.02%. If strong earnings continue to drive the markets and bellwethers keep posting big numbers, investors could be in for a solid week, with an avalanche of third-quarter results scheduled for this week and next.

Treasury Bonds:

Yields were mixed across the Treasury curve, with buyers stepping in at the long and very short T-bill maturities, while sellers showed up at the 1-3-year maturities. Much weaker-than-expected home sales and a big decrease in construction data and home starts boosted hopes that the Federal Reserve will keep watching the economy and incoming data before raising interest rates again. The 30-year bond closed the session at 5.42, while the 10-year note closed at 5.10%.

Oil and Gas:

Prices were lower across the energy complex, but optimism over renewed talks with Iran and the possibility of further constructive dialogue helped spark a big midday turnaround. Traders noted that investors pounced on unconfirmed reports of a U.S.-approved proposal aimed at easing Middle East tensions. Brent crude closed at $109.20, down 0.36%, while West Texas Intermediate was last seen at $98.21, down 0.33%. Natural gas fell for the second straight day, dropping 2.16% to $2.92, as Norway’s gas production fell 12.6% and Europe heads into winter. 

Gold:

The precious metals had another lackluster, mixed day as traders cited stubborn inflation pressures and mixed Fed signals on interest-rate direction. Gold closed at $4.124, down 0.38%, while Silver was last seen at $ 57.88, up 1.59%. 

 

Crypto:

Crypto took an early hit Tuesday as the macro jitters triggered a brief risk-off panic, but the market staged a solid afternoon comeback. Total crypto market cap caught a bid later in the day, climbing about 1.68% to $2.78 trillion alongside a broader turnaround in stocks. Bitcoin opened lower at $81,844 and slid to a morning low near $81,131, but it rebounded sharply later in the afternoon to trade back above $82,400. By 8 AM EDT, Bitcoin was quoted at $82,694, while Ethereum was trading at $2,442.


24/7 Wall St. reviews dozens of analyst research reports every day to identify fresh investment ideas for investors and traders alike. These daily analyst notes include recommendations on stocks to buy, sell, or avoid, as well as new coverage initiations. Important reminder: No single analyst report should ever be the sole basis for buying or selling a stock.

 

Here are some of the top Wall Street analyst upgrades, downgrades, and initiations from Wednesday, October 21, 2026.  

Upgrades:

  • Clean Harbors (NYSE: CLH | CLH Price Prediction) was upgraded to Buy from Neutral at UBS, with a $375 target price.
  • DigitalOcean Holdings (NASDAQ: DOCN) was upgraded to Overweight from Neutral at Piper Sandler, which lowered the target price to $126 from $142.
  • Intuitive Surgical (NASDAQ: ISRG) was upgraded to Buy from Hold at Erste Group, without a target price.
  • Northrop Grumman (NYSE: NOC) was raised to Outperform from Neutral at Baird, which raised the target price for the defense giant to $675 from $550.
  • Zoom Communications (NYSE: ZM) was upgraded to Outperform from Perform at Oppenheimer, with a $139 target price.

Downgrades:

  • Ally Financial (NYSE: ALLY) was downgraded to Neutral from Outperform at Baird, which trimmed the target for the shares to $40 from $44.
  • Chipotle Mexican Grill (NYSE: CMG) was downgraded to Hold from Buy at TD Cowen, which dropped the target price on the popular restaurant chain to $32 from $44.
  • Cirrus Logic (NASDAQ: CRUS) was downgraded to Underweight from Equal Weight at Barclays, which cut the target price to $95 from $130.
  • Fortinet (NASDAQ: FTNT) was double-downgraded to Sell from Buy at Arete, with a $117 target price.
  • Netflix (NASDAQ: NFLX) was downgraded to Hold from Buy at Needham, without a target price.

Initiations:

  • Applied Digital Corporation (NASDAQ: APLD) was reinstated in coverage with a Buy rating at Roth Capital, which has a $35 target price for the stock.
  • Costco (NASDAQ: COST) was started with an Outperform rating at CIBC, with a $1.075 target price.
  • Digital Realty Trust (NYSE: DLR) was initiated with an Outperform rating at CIBC, with a $213 target price.
  • Robinhood Markets (NASDAQ: HOOD) was started with a Buy rating at Rosenblatt, with a $135 target price.
  • Zscaler (NYSE: ZS) was initiated with a Neutral rating at DA Davidson, with a $215 target price.

Contact [email protected] for any questions or corrections.

Lee Jackson

Lee Jackson has covered Wall Street analysts' equity and debt research and equity strategy daily for 24/7 Wall St. since 2012. His broad, diverse career, including a stint as creative services director at an NBC affiliate in Austin, Texas, gives him unique insight into the financial industry.

Lee Jackson's journey in the financial industry spans more than 30 years, including nearly two decades as an institutional equity salesperson at Bear Stearns, Lehman Brothers, and Morgan Stanley. His career spanned pivotal sell-side Wall Street events, from the dot-com rise and bubble to the Long-Term Capital Management debacle, 9/11, and the Great Recession of 2008. This reflects his resilience and adaptability amid market volatility.

Lee Jackson’s practical financial industry experience, gained through a career at some of the biggest banks and brokerage firms, is complemented by a lifetime of writing across various platforms. This unique combination allows him to shed light on the intricacies of Wall Street in a way only someone with deep insider experience and knowledge can. Moreover, his extensive network across Wall Street continues to provide direct access for him and 24/7 Wall St., a privilege few firms enjoy.

Since 2012, Jackson’s work for 24/7 Wall St. has been featured in Barron’s, Yahoo Finance, MarketWatch, Business Insider, TradingView, Real Money, The Street, Seeking Alpha, Benzinga, and other media outlets. He attended the prestigious Cranbrook Schools in Bloomfield Hills, Michigan, and has a degree in broadcasting from the Specs Howard School of Media Arts.

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