Top Wall Street analyst stock upgrades for Friday May 8 2026

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•  08 May 2026
 

$DVN Devon Energy got a notable vote of confidence this Friday as Jefferies lifted its rating to Buy from Hold and raised its price target to $62 from $53. The upgrade reflects a view that Devon has been outperforming within the oil and gas space yet remains undervalued relative to its operational strength. With crude staying elevated and energy demand firm, Jefferies sees room to close the gap to fair value. Shares were trading around $45.61, up 0.66% on the day, meaning the new $62 target implies roughly 36% upside from current levels a compelling spread for energy bulls looking for a name with a fresh catalyst.

$FSLY Fastly earned an upgrade to Outperform from Market Perform at Raymond James, with analysts setting a $23 price target. The edge cloud networking company has had a volatile stretch, but Raymond James appears to see improving fundamentals and a favorable risk/reward setup at current prices. At $20.51, up 5.18% on the session with volume running well above average at 16.84 million versus the typical 13.56 million, the market responded warmly to the call. The $23 target represents roughly 12% upside from today price.

$QCOM Qualcomm was one of the more eye-catching upgrades of the day, with Daiwa raising its rating to Outperform from Neutral and setting a $225 price target. Shares surged 8.17% to $219.09 on volume of 32.23 million nearly double the average daily turnover signaling that institutional buyers moved with real conviction. The semiconductor giant continues to benefit from strong mobile and AI chip demand, and with the stock already close to the target, this call reads less as a near-term price play and more as a firm endorsement of the long-term trajectory heading into the AI hardware cycle.

$SHAK Shake Shack received a Buy upgrade from Stifel, though analysts trimmed the price target to $85 from $105, reflecting recalibrated expectations in the consumer restaurant space. At $70.14, up 1.30%, the $85 target still implies roughly 21% upside. The combination of a downward target revision alongside an upgrade is an interesting signal it tells you Stifel believes the stock is cheap enough right now even after adjusting for a tougher spending environment. Volume came in at 4.24 million against an average of just 1.58 million, suggesting meaningful interest picked up behind the call.

$TPR Tapestry, the luxury accessories group behind Coach and Kate Spade, was upgraded to Buy from Hold at Stifel with a substantially raised price target of $187, up from $142. Shares were trading at $133.48, up 2.27% on the day, putting the new target at roughly 40% implied upside one of the more aggressive calls in today upgrade slate. The large target increase suggests Stifel sees genuine revaluation potential tied to Tapestry brand momentum and resilient demand for accessible luxury, even as some consumer segments show strain from elevated prices and tariff pressures.

Bottom line
Of the five upgrades today, $TPR offers the most attractive near-term opportunity. A 40% gap to the new $187 price target is the widest of the group, and Stifel decision to sharply raise not trim its target alongside the upgrade signals genuine conviction rather than a defensive rerating. Tapestry accessible luxury positioning gives it relative insulation from the macro headwinds that weigh on pure discretionary names, and the volume pickup today suggests the market is starting to notice.

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