The S&P 500 (SP500) closed in the green on Friday, while Nasdaq (COMP:IND) and Dow (DJI) rose 1% and 0.4%, 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:
J&J upgraded at Wells Fargo on valuation
Wells Fargo upgraded Johnson & Johnson (NYSE:JNJ) to Over-weight from Equalweight saying that the healthcare giant is attractively priced with pharmaceutical tariff risks and drug pricing concerns in the rear-view mirror.
Analyst Larry Biegelsen, who upped the price target to $212 from $170 for the stock, said that J&J’s current share price provides an attractive entry point given the potential upside to its pharma business. In that segment, he expects better growth in 2026 than 2025, and in 2027, to exceed 2026’s growth.
PayPal downgraded on branded growth uncertainty
Wolfe Research downgraded shares of PayPal Holdings (NASDAQ:PYPL) to Peer Perform from Outperform, citing concerns that momentum in the company’s branded checkout business may take longer to materialize than investors expect.
“Shares may remain rangebound until PYPL demonstrates its ability to consistently deliver branded growth, even as we acknowledge relatively sound EPS growth,” analyst Darrin Peller wrote. He trimmed his year-end 2026 fair value estimate to a range of $70-$80, from a prior price target of $85.
The analysts said PayPal’s medium-term target of 8% to 10% branded growth by 2027 remains a “show-me story,” noting that penetration of modern checkout has yet to meaningfully move the needle.
Corteva in focus as analysts give divided opinion on business split
Corteva (NYSE:CTVA) was in focus after Wall Street analysts gave their opinion on the company’s plan to split into two standalone entities.
J.P. Morgan’s Jeffrey Zekauskas upgraded Corteva to Overweight from Neutral, arguing that the market reaction (a 10% sell-off following the announcement) was excessive.
Meanwhile, Citi’s Patrick Cunningham cut Corteva to Neutral from Buy despite the stock’s pullback. Cunningham said the split “adds more questions than answers” at a time when farmer margins are already pressured by subdued grain prices and input cost volatility.
UBS analysts led by Joshua Spector maintained a Buy rating with a $91 price target, framing the stock’s decline as an overreaction.
Marvell receives rating cut at TD Cowen
TD Cowen downgraded Marvell Technology (NASDAQ:MRVL) to Hold from Buy and reduced PT on the stock to $85 from $90.
“We downgrade Marvell to Hold as low custom XPU visibility makes it difficult for us to underwrite Street F2027 datacenter estimates. Combined with growing competition in Marvell’s leading electro-optics franchise, we lower our estimates slightly. We think risk/reward is balanced after the ~30% run the last month. An AI beneficiary with strong IP, but we see cleaner stories elsewhere,” said analysts led by Joshua Buchalter.
The analysts noted that Marvell’s data center business is up nearly three times in two years. However, they were moving to the sidelines due to their view of limited visibility and increasing competition in the custom XPU business after the stock’s recent run.
AbbVie downgraded at HSBC due to limited upside
AbbVie (NYSE:ABBV) was downgraded at HSBC to Hold from Buy as the bank sees limited upside for the pharma stock.
Analyst Rajesh Kumar noted that while AbbVie has more limited exposure to key product patent losses and tariff impacts, its stock has had a nice run. HSBC boosted its price target to $225 from $210.
Apple cut on ‘excessive expectations’ on iPhone
Jefferies downgraded Apple (NASDAQ:AAPL) to Underperform from Hold, citing excessive expectations on iPhones and foldable phones.
The firm decreased PT on the stock to $205.16 from $205.82.
“Better demand for iPhone 17, partly due to a price cut on the base model, is already in the price. That has led to excessive expectations on 18 Fold, and the replacement cycle,” said analysts led by Edison Lee. The analysts noted that demand for iPhone 17 started out only lukewarm, but has grown over time.
The analysts added that more positive sales momentum has inflated expectations on the replacement cycle and prospects of the 18 Fold.
“Without innovative features, price-driven replacement cycle may not be sustainable (could result in margin pressure). The thin form factor is fact is not popular, making any bullish view on fordable risky. We do not doubt AAPL will be able to make the most beautiful foldable phone in the market, but the question is the TAM of a US$2K phone,” said Lee and his team.
Barclays upgraded Shoals Technologies (NASDAQ:SHLS) to Overweight from Equal Weight with a $10 price target, raised from $7, citing growth opportunities in battery energy storage systems and data centers, and saying the company’s entry into the markets could become the fastest-growing segment over the next five years.
Coca-Cola (NYSE:KO) was named to Deutsche Bank’s fresh money list for Q4. The firm noted that market challenges remain for Coca-Cola, but believes the beverage giant’s proactive approach and all-weather strategy should broadly de-risk the stock from disappointment in the current environment while also providing a solid foundation for 2026 and beyond.
H.C. Wainwright raised its price target to a Wall Street-high $7 from $3 and maintained its Buy rating for Plug Power (NASDAQ:PLUG).
Jefferies upgraded Sunrun (NASDAQ:RUN) to Buy from Hold with a $21 price target, raised from $11, ahead of anticipated cash generation execution in H2 2025 and strong growth set up into 2026 even after expiration of 25D consumer tax credits.