Amazon upgraded, Adobe downgraded: Wall Street's top analyst calls

The Fly

Wed, Sep 24, 2025, 8:36 AM 4 min read

• Wells Fargo upgraded Amazon.com (AMZN) to Overweight from Equal Weight with a price target of $280, up from $245. Following its cloud market and Anthropic contribution analysis, Wells has increased conviction that Amazon Web Services will see revenue acceleration.

• Morgan Stanley upgraded ServiceNow (NOW) to Overweight from Equal Weight with a price target of $1,250, up from $1,040. Morgan Stanley believes ServiceNow is well positioned to deliver generative AI capabilities, creating an attractive risk/reward for the shares.

• UBS upgraded General Motors (GM) to Buy from Neutral with a price target of $81, up from $56. The firm's 2026 and 2027 earnings estimates are 35% and 42% above consensus, respectively, as it believes GM North America margins can return to their existing target 8%-10% range.

• Jefferies upgraded Quanta Services (PWR) to Buy from Hold with a price target of $469, up from $398. The stock's current valuation, which has pulled back from the summer's highs, provides an attractive entry point, contends Jefferies.

• Scotiabank upgraded OpenText (OTEX) to Outperform from Sector Perform with a price target of $50, up from $35. The firm cites increased conviction" in the company's content management business for the upgrade.

Top 5 Downgrades:

• Morgan Stanley downgraded Adobe (ADBE) to Equal Weight from Overweight with a price target of $450, down from $520. The firm believes the company's decelerating Digital Media annual recurring revenue has created "outsized" concern on its ability to prove generative artificial intelligence is expansive to its total opportunity.

• Barclays downgraded Keurig Dr Pepper (KDP) to Equal Weight from Overweight with a price target of $26, down from $39. While the company's asset reshuffling could be the right move longer term, the transactions "present elevated noise and uncertainty over the next 12 months," the firm tells investors in a research note

• Jefferies downgraded Bloom Energy (BE) to Underperform from Hold with a price target of $31, up from $24. The firm believes the share risks are to the downside given limited visibility into Bloom's growth post 2026.

• Susquehanna downgraded Knight-Swift (KNX) to Neutral from Positive with a price target of $43, down from $52 as part of a Q3 earnings preview for the logistics and trucking group. The firm cut estimates across the sector, saying pricing and margin improvement "remain in the distance."

• BofA downgraded Arvinas (ARVN) to Neutral from Buy with a price target of $10, down from $16. The firm cites the company and Pfizer (PFE) announcing that they plan to find a partner to develop metastatic breast cancer drug vepdeg.