Buy, Sell, or Hold? Thursday’s Top Upgrades and Downgrades: Advanced Micro Devices, Alibaba Group, Cleveland-Cliffs, Conoco Phillips, Diamondback Energy, General Mills, NVIDIA, Toyota, Wendy’s and More
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Pre-Market Stock Futures:
Futures are trading mixed after a strong Wednesday bounce-back in the AI and data center trade, as CrowdWeave (NASDAQ: CRWV) beat Q3 2026 expectations and raised its full-year revenue and operating income forecasts. Following the earnings report, shares surged 24% yesterday, easing investor concerns over an AI infrastructure slowdown and high borrowing costs. Stocks took off at the open, and all major indices closed higher, though they closed off the day’s highs. As expected, the technology-heavy Nasdaq led the day, closing at 25,468, up 1.60%, while the S&P 500 also had a strong session, finishing at 7,619, up 1.30%. The small-cap Russell 2000 closed at 2,846, up 0.88%, while the legacy Dow Jones Industrial Average was last seen at 52,486, up 0.49%.
The big news for investors is that the highly anticipated Anthropic IPO is accepting orders for next week and is reportedly extremely oversubscribed. Anthropic’s IPO (ticker: ANT) is expected to begin trading on Thursday, November 19, 2026. Check with your broker to see if they are in the deal so you can indicate your interest in shares. The other big story today is the potential for NVIDIA (NASDAQ: NVDA | NVDA Price Prediction) to oust President, CEO, and Co-Founder Jensen Huang for his alleged affair with a Chinese Spy. That is helping to drag the Nasdaq futures lower this morning.
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 Thursday, November 12, 2026.
Upgrades:
- Advanced Micro Devices (NASDAQ: AMD) was raised to Outperform from Market Perform at William Blair, without a target price.
- Alibaba Group (NYSE: BABA) was upgraded to Buy from Hold at DZ Bank, with a $140 target price.
- Cleveland-Cliffs (NYSE: CLF) was upgraded to Equal Weight from Underweight at Barclays, which nudged the target price for the stock to $23 from $21.
- Reliance Steel & Aluminum (NYSE: RS) was raised to Overweight from Equal Weight at Barclays, which lifted the target price for the shares to $507 from $445.
- Wendy’s (NYSE: WEN) was upgraded to Neutral from Sell at Northcoast, without a price target.
Downgrades:
- Conoco Phillips (NYSE: COP) was downgraded to Market Perform from Outperform at Bernstein, which trimmed the price target for the stock to $122 from $129.
- Diamondback Energy (NASDAQ: FANG) was cut to Market Perform from Outperform at Bernstein, which lowered the target price to $192 from $221.
- General Mills (NYSE: GIS) was downgraded to Neutral from Overweight at Piper Sandler, which lowered the target price to $43 from $41. The company cited dividend risk.
- NVIDIA (NASDAQ: NVDA) was downgraded to Market Perform from Outperform at Bernstein with a $200 target, with the analyst saying “we’ve had enough”. At the same time, Oppenheimer cut the rating to Market Perform from Outperform without a target price.
- Toyota (NYSE: TM) was downgraded to Hold from Buy at Freedom Broker, with an unchanged $230 target price.
Initiations:
- Agility Robotics (NASDAQ: AGLT) was initated with a Neutral rating at JPMorgan, which has an $11 target price.
- Cars.com (NASDAQ: CARS) was started with an Equal Weight rating at Barclays, which has a $14 target price.
- Dorman Products (NASDAQ: DORM) was initiated with an Overweight rating at Barclays, with a $165 target price objective.
- Kimball Electronics (NYSE: KE) was initiated with a Buy rating at Roth Capital, with a $37 target price.
- Quantinuum (NYSE: QNT) was staeted with a Buy rating at BTIG, which has set a $60 target price for the shares.
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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.
