Buy, Sell, or Hold? Tuesday’s Top Upgrades and Downgrades: AON, Bloom Energy, Chevron, Cloudflare, Marvell Technologies, Lumentum Holdings, Merck & Co., Roku, X-Energy, and More
Tech stocks keep beating estimates and then selling off anyway, Apple just joined the club, and Wall Street analysts are busy reshuffling their ratings on everything from nuclear energy plays to insurance giants. Here is who got upgraded, downgraded, and…
Pre-Market Stock Futures:
Futures are trading mixed early Tuesday, with the Dow Futures down 300 points after yet another tech titan posted outstanding numbers that beat Wall Street estimates, then, like clockwork, sold off in the aftermarket. This time, Apple (NASDAQ: AAPL | AAPL Price Prediction) was the victim; while it was torpedoed after the results were posted, it was still down less than some other mega-cap technology stocks that reported over the last 10 days. iPhone sales were outstanding as demand for the iPhone 18 surged, while service revenue hit an all-time high of $31.57 billion. Reasons for the post-earnings sell-off ranged from the company missing revenue estimates for China to rising costs for memory chips, which are starting to pressure gross margins, which the company lowered for the December quarter. The bottom line is the tech sell-off and investor rotation likely still have a way to go.
After a solid start to the trading week, stocks rolled over after the noon hour, and the same reasons stayed front and center. Massive AI spending and worries about big tech stocks’ lack of free cash flow, which in the past had never been an issue, and concerns over the potential for the Democrats to regain the House of Representatives are all contributing to a quiet market sell-off, and with the October jobs report this Friday and the inflation reports next week all still on the burner, those data points will have the ability to move the market.
Three of the four major indices closed lower Monday, with only the Dow Jones Industrials closing higher at 51,938, up 0.41%, while the Nasdaq was the big loser Monday, closing at 25,164, down 1.07%. The S&P 500 ended the session at 7,541, down 0.51%, and the small-cap Russell 2000 closed at 2,805, down 0.21%.
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 Tuesday, November 3, 2026. It’s election day across the country, so make sure your voice is heard.
Upgrades:
- AON plc (NYSE: AON) was upgraded to Outperform from Market Perform, with a $380 target price.
- Bloom Energy (NYSE: BE) was raised to Overweight from Equal Weight at Barclays, which dropped the target price for the shares to $289 from $316.
- Cloudflare (NYSE: NET) was upgraded to Overweight from Equal Weight at JPMorgan, with a $350 target price.
- SiriusXM Holdings (NASDAQ: SIRI) was upgraded by Goldman Sachs to Buy from Neutral, which lifted the target price for the shares to $37 from $33.
- Twilio (NYSE: TWLO) was upgraded to Hold from Reduce at HSBC, with a $215 target price.
Downgrades:
- Chevron (NYSE: CVX) was cut to Hold from Buy at DZ Bank, with a $240 target price.
- Marvell Technologies (NASDAQ: MRVL) was downgraded to Neutral from Buy at Bank of America, which slashed the target price for the shares to $225 from $400. The analysts cited the all-stock offering the company made to buy Lumentum Holdings (NASDAQ: LITE).
- Lumentum Holdings (NASDAQ: LITE) was downgraded to Neutral from Buy at B. Riley, with a $770 target price. The Marvell purchase was also cited.
- Merck & Co. (NYSE: MRK) was cut to Hold from Buy at DZ Bank, with a $153 target price. for the shares.
- Roku (NASDAQ: ROKU) was downgraded to Neutral from Buy at Rosenblatt, which has a $160 target price for the stock.
Initiations:
- Dropbox (NYSE: DBX) was initiated with an Equal Weight rating at Stephens, with a $39 target price.
- MNTN (NYSE: MNTN) was initiated with a Buy rating at Freedom Broker with a $16.50 target price.
- OKLO (NASDAQ: OKLO) was initiated with an Outperform rating at Wednbush, with a $36 target price.
- Pony AI (NASDAQ: PONY) was initated with an Overweight rating at Morgan Stanley, with a $10 target price.
- X-Energy (NASDAQ: XE) was started with an Outperform rating at Webush, which has a $17 target price.
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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.
