Wall Street Analyst Upgrades to Watch

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•  24 Jun 2026
 

$IBM International Business Machines received a JPMorgan upgrade to Overweight, with the firm raising its target to $329.23 and implying 25.20% upside from the current price. The call is not about legacy hardware; it is about the market re-rating IBM as a higher-quality software and hybrid-cloud cash-flow compounder, with software now carrying the margin structure and recurring revenue profile investors are willing to pay for. The stock was down 0.75% despite the upgrade, with volume below average, which makes the setup more interesting because the rating change has not yet translated into an aggressive chase.

$AXP American Express was upgraded to Buy from Hold, with DZ Bank pointing to resilient earnings execution, unchanged full-year revenue growth guidance of 9% to 10%, and management’s ability to reinvest excess first-quarter earnings into marketing and technology. The stock advanced 1.42%, but the listed target data does not show meaningful upside from the current price, making this more of a quality confirmation than a clear repricing setup. For traders, the upgrade supports the premium-consumer spending narrative, but near-term upside depends on whether the market starts assigning more value to management’s confidence in sustained revenue growth.

$CRM Salesforce was upgraded to Buy from Neutral by Monness Crespi after a sharp valuation reset, with the target implying 50.56% upside from the current price. The firm is effectively arguing that the market has over-penalized Salesforce for AI disruption risk while underpricing its margin profile, free cash flow, buyback capacity, and progress in agentic enterprise workflows. The stock was slightly lower despite the upgrade, and volume was below average, which suggests the setup remains early rather than crowded.

$TOL Toll Brothers was upgraded to Outperform as analysts differentiated luxury and move-up housing exposure from the weaker entry-level consumer segment. The stock already reacted strongly, rising 6.66%, which tells traders the upgrade was immediately absorbed by the market. The fundamental logic is credible because affluent housing demand is holding up better than mass-market affordability-sensitive demand, but after that price move, the setup looks closer to a momentum confirmation than a fresh entry.

$MAC Macerich was upgraded to Buy by Citi on progress tied to its strategic path forward, but the data shows the current price already trading above the listed target, implying negative upside of 6.34%. The stock gained 4.18%, yet volume was meaningfully below average, which weakens the signal from a trading perspective. The upgrade may help sentiment around retail real estate recovery, but the risk/reward is less compelling when the stock has already moved past the target framework.

$COP ConocoPhillips was upgraded to Buy from Neutral by Roth Capital, with the price target lifted to $153 and implied upside of 43.10%. The upgrade is tied to the view that crude prices are near a short-term bottom, with E&P valuations already discounting much of the geopolitical and commodity risk. The stock fell 2.77% despite the call, which creates the cleanest dislocation in the group: a positive analyst revision, meaningful target upside, and a market still pricing energy caution.

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