The S&P 500 (SP500) closed in the red on Friday, with Nasdaq (COMP:IND) and Dow (DJI) falling 0.8% and 0.3%, respectively, for the week.
Wall Street had a slew of upgrades and downgrades from analysts. Here are some of the major calls for the week:
Intel, AMD upgraded to Overweight by KeyBanc
Intel (INTC) and AMD (AMD) were upgraded to Overweight by KeyBanc as both chipmakers have mostly sold out of server CPUs for 2026 due to surging data center and artificial intelligence demand.
KeyBanc set a $60 price target on Intel, while AMD has a $270 price target.
“Our checks indicate INTC is almost sold out for the year in server CPU, and given the strength in demand, the Company is considering a 10-15% ASP increase,” said KeyBanc analysts John Vinh and Ryan Rosumny.
They also added that supply chain checks indicate the recent surge in hyperscaler demand has led to AMD to almost being completely sold out of server CPU in 2026 and is potentially considering a price increase of 10-15% in 1Q26. The brokerage believes AMD’s MI255 and MI455 can support AI-related revenues of $14B to $15B this year.
Intel was also raised to Neutral from Sell and put a $50 price target by Citi.
Adobe hit by another downgrade from Oppenheimer
Oppenheimer downgraded Adobe (ADBE) to Perform from Outperform, following last week’s downgrade from BMO and Jefferies.
“We had previously been bullish on Adobe as we expected its AI business momentum to reinvigorate growth in its Digital Media business,” said Oppenheimer analysts, led by Brian Schwartz, in a detailed investor report on Tuesday. “But this did not play out as we expected, and is visible with Digital Media growth decelerating further in FY25.”
Schwartz added that a challenging operating environment during the AI technology transition, inconsistent execution with product cycles, lackluster investor interest for owning software names, and down y/y operating margin guidance in FY26 will likely weigh negatively on the sentiment for the company’s opportunities this year, and limit near-term upside for ADBE shares.
FedEx, UPS faces downgrade from BNP Paribas
BNP Paribas downgraded FedEx (FDX) and UPS (UPS). While the firm prefers FedEx over UPS, FedEx is not immune to the broader competitive pressures in U.S. domestic shipping.
BNP Paribas anticipates a solid FY26 for FDX, but amid the rise of Amazon (AMZN) with its next-day offering and zip code coverage continually improving, the competitive pressure on FDX is expected to continue.
For UPS, lost market share, namely its Amazon volume, makes BNP Paribas uncertain as to the company’s ability to “grow earnings despite a potential yield benefit from any mix change.” The firm’s FY26 EBIT estimate now sits 9% below consensus. And with a new price target of $85 that suggests 20% downside, the firm downgrades UPS to Underperform from Neutral.
Broadcom, Analog Devices, and Monolithic Power upgraded to Overweight
Wells Fargo upgraded Broadcom (AVGO), Analog Devices (ADI), and Monolithic Power Systems (MPWR) to Overweight from Equal-weight.
The brokerage hiked Broadcom’s PT to $430 from $410 and said the recent pull-back in shares, coupled with increasing confidence in potentially meaningful incremental catalysts looking through 2026, gives them the opportunity to get constructive.
Similarly, Wells Fargo hiked PT on Analog Devices to $340 from $265 and inched up Monolithic Power’s PT to $1,125 from $1,100.
Wells Fargo analyst Aaron Rakers expects ADI to deliver modest upside to consensus estimates that currently reflect relatively seasonal growth throughout F2026, while it expects MPWR to deliver accelerating growth in its Enterprise data segment.
Piper Sandler downgraded Synopsys (SNPS) to Neutral from Overweight, as it believes the company could see prolonged headwinds to growth. Analyst Clarke Jefferies also lowered his PT on the stock to $520 from $602.
BofA downgraded rating on Arm (ARM) to Neutral from Buy and lowered PT to $120 from $145 ahead of the company’s third quarter earnings. The analysts downgraded Arm on near-term smartphone unit headwinds (memory cost), increasing reliance on SoftBank in licensing, and still small data center and AI exposure (only about 10% of royalties).
Barclays downgraded HP (HPQ) to Underweight from Equal weight and lowered PT to $18 from $24. The analysts believe secular challenges across both personal computers, or PCs, and Printing, combined with a lack of catalyst, will cause the stock to remain pressured in 2026. The firm also cut Logitech’s (LOGI) rating to Equal weight from Overweight and reduced PT to $98 from $134.
Meanwhile, Barclays upgraded Garmin (GRMN) to Equal weight from Underweight and raised PT to $217 from $208 and said they are more positive on Garmin given the undemanding valuation, diversification of the business, and continued strength in the wearables business.