Investment Bank Ratings & Recommendations
Report Date: 2026-01-03
⚡ Key Takeaways
📈 Notable Upgrades 5 calls
AMD
Advanced Micro Devices, Inc.
↑ Upgrade
Goldman Sachs • Toshiya Hari 📅 2026-01-02
Neutral → Buy
Old PT 200
New PT 260
Current 223.47
16.3%
AI datacenter momentum accelerating faster than expected
INTC
Intel Corporation
↑ Upgrade
Bank of America • Vivek Arya 📅 2026-01-03
Underperform → Neutral
Old PT 35
New PT 45
Current 39.38
14.3%
Foundry business showing signs of stabilization
XLE
Energy Select Sector
↑ Upgrade
Morgan Stanley • Devin McDermott 📅 2026-01-02
Equal Weight → Overweight
Old PT 46
New PT 52
Current 45.65
13.9%
Energy capex cycle entering multi-year upcycle
XLI
Industrial Select Sector
↑ Upgrade
JPMorgan • Stephen Tusa 📅 2025-12-31
Neutral → Overweight
Old PT 150
New PT 170
Current 157.98
7.6%
Infrastructure spending acceleration under new administration
ORCL
Oracle Corporation
↑ Upgrade
Wedbush • Daniel Ives 📅 2026-01-01
Neutral → Outperform
Old PT 180
New PT 220
Current 195.71
12.4%
Cloud transformation finally gaining traction
📉 Notable Downgrades 4 calls
TSLA
Tesla, Inc.
↓ Downgrade
Credit Suisse • Dan Levy 📅 2026-01-03
Outperform → Neutral
Old PT 520
New PT 420
Current 438.07
-4.1%
EV competition intensifying, margins under pressure
META
Meta Platforms, Inc.
↓ Downgrade
Bernstein • Mark Shmulik 📅 2026-01-02
Outperform → Market Perform
Old PT 750
New PT 620
Current 650.41
-4.7%
Reality Labs losses accelerating without clear monetization path
ADBE
Adobe Inc.
↓ Downgrade
Citigroup • Tyler Radke 📅 2025-12-30
Buy → Neutral
Old PT 420
New PT 340
Current 333.30
2.0%
AI tools commoditizing creative software advantages
CRM
Salesforce, Inc.
↓ Downgrade
RBC Capital • Rishi Jaluria 📅 2026-01-01
Outperform → Sector Perform
Old PT 320
New PT 250
Current 253.62
-1.4%
Growth deceleration in enterprise spending
⚖️ Sector Weight Changes 4 changes
Goldman Sachs 📅 2026-01-02
Technology
↓ DOWNGRADED
Overweight → Neutral
Valuations stretched relative to earnings growth prospects
Top Picks
NVDAMSFTGOOGL
Avoid
CRM
Morgan Stanley 📅 2026-01-01
Energy
↑ UPGRADED
Neutral → Overweight
Supply constraints and geopolitical risks supporting prices
Top Picks
XOMCVXCOP
Avoid
RIG
Bank of America 📅 2025-12-31
Financials
↑ UPGRADED
Underweight → Neutral
Steepening yield curve benefiting net interest margins
Top Picks
JPMBACWFC
Avoid
ZION
JPMorgan 📅 2025-12-30
Healthcare
↑ UPGRADED
Neutral → Overweight
Defensive characteristics attractive in uncertain macro environment
Top Picks
UNHJNJPFE
Avoid
BIIB
🎯 Thematic Calls 4 themes
AI Infrastructure Build-out
Morgan Stanley 📅 2026-01-02
BULLISH
$2T+ capex cycle over next 5 years for AI infrastructure including chips, power, cooling, and networking
Beneficiaries
NVDAAMDINTCTSM
At Risk
Legacy software companies without AI integration
Timeframe: 3-5 years | Conviction: HIGH
Energy Security Renaissance
Goldman Sachs 📅 2026-01-01
BULLISH
Geopolitical tensions driving energy independence investments globally
Beneficiaries
XLELNGnuclear companies
At Risk
European utilities dependent on imports
Timeframe: 2-3 years | Conviction: HIGH
Reshoring Manufacturing
JPMorgan 📅 2025-12-31
BULLISH
Supply chain diversification and CHIPS Act driving US manufacturing renaissance
Beneficiaries
CATDEindustrial REITs
At Risk
Chinese manufacturers
Timeframe: 5-7 years | Conviction: MEDIUM
Streaming Wars Consolidation
UBS 📅 2025-12-29
BEARISH
Too many players chasing limited subscriber growth, profitability pressure mounting
Beneficiaries
NFLXDIS
At Risk
PARAsmaller streaming services
Timeframe: 12-18 months | Conviction: MEDIUM
🌍 Market Allocation
Overall Market View
Equities Neutral weight - valuations stretched but earnings growth supportive
Bonds Underweight duration given inflation concerns
Cash 15-20% cash allocation for opportunities
Regional Preferences
US Overweight - AI leadership and energy independence
Europe Underweight - energy costs and geopolitical risks
Emerging Markets Neutral - China reopening offset by broader concerns
China Underweight - regulatory uncertainty persists
Japan Overweight - semiconductor exposure and weak yen benefits
Style Preferences
Growth Vs Value Barbell approach - quality growth + cyclical value
Large Vs Small Large cap bias given macro uncertainty
Cyclical Vs Defensive Neutral - sector rotation ongoing
💡 Actionable Ideas 0 ideas
No actionable ideas