Buy/Sell: Wall Street’s top 10 stock calls this week

What has Wall Street been buzzing about this week? Here are the top 5 Buy calls and the top 5 Sell calls made by Wall Street’s best analysts during the week of January 19-23.

Find all top-rated stocks by the best-rated analysts on TipRanks. 

Top 5 Buy Calls:

1. Alphabet upgraded to Strong Buy at Raymond James

Raymond James upgraded Alphabet (GOOGL) to Strong Buy from Outperform with a price target of $400, up from $315. The firm’s updated bottom-up analysis of Google Cloud Platform and Search drives a material upward revision to 2026-2027 estimates, with 2027 revenue now at the high end of the Street and supporting the upgrade, the firm tells investors in a research note. Improving AI Stack momentum is expected to fuel upward revisions and position Alphabet as a high-quality top-line AI acceleration story, with fundamentals, rather than multiple reversion, driving mega-cap Internet performance in 2026.

2. Micron initiated with an Outperform at William Blair

William Blair initiated coverage of Micron (MU) with an Outperform rating and no price target. The firm says the memory “supercycle” is driving record profitability for Micron. The company servers as one of the three major global memory suppliers and access to memory has “become a key bottleneck” in AI racks and systems, Blair tells investors in a research note. The firm believes Micron will benefit from significant selling price growth and higher margin products. It expects the company to grow non-GAAP earnings over 275% over the next two years.

3. Ulta Beauty upgraded to Strong Buy at Raymond James

Raymond James upgraded Ulta Beauty (ULTA) to Strong Buy from Outperform with a price target of $790, up from $605. The firm sees “outsized growth” in fiscal 2026 for the company after a period of heavy investments. Ulta will compound “steadily in a faster-growth category,” the firm tells investors in a research note. Raymond James says the company has multiple initiatives to drive faster growth.

4. Intel upgraded to Buy at Seaport Research

Seaport Research upgraded Intel (INTC) to Buy from Neutral with a $65 price target. The company’s new Panther Lakes products should drive improvement for Intel Products in the near-term, and the company should be able to retake share this year in enterprise and consumer products, the analyst tells investors in a research note. While Intel isn’t “out of the woods” in terms of competitiveness, the strong showing for Panther Lake shows that it is back on the right path, Seaport adds.

5. Arm upgraded to Positive at Susquehanna following underperformance

Susquehanna upgraded Arm (ARM) to Positive from Neutral with an unchanged price target of $150. Recent sell-side competitor downgrades and the significant underperformance of the stock offer “an excellent setup,” the firm tells investors. Investor worries about the effects of higher memory prices on the mobile and PC markets have pressured shares, but Susquehanna views this selloff “opportunistically” as it contrasts well-known market weakness with the potential of two important, data center-related and significant “company-changing” initiatives, namely the development of an AI XPU ASIC and a custom server CPU.

Top 5 Sell Calls:

1. NetApp downgraded to Underweight at Morgan Stanley

Morgan Stanley downgraded NetApp (NTAP) to Underweight from Equal Weight with a price target of $89, down from $117. The firm’s chief investment officer survey indicated the slowest hardware budget growth in 15 years. Resellers are expecting an “elastic demand response” to input cost inflation, which warrants a more defensive IT hardware position despite secular AI tailwinds, the analyst tells investors in a research note. Morgan Stanley has turned “more defensive,” saying its recent survey work “signals the perfect storm of cautionary factors emerging.”

2. Safehold cut to Underweight at Morgan Stanley on muted originations

Morgan Stanley downgraded Safehold (SAFE) to Underweight from Equal Weight with a price target of $14, down from $16. The firm cites muted origination activity, elevated dividend payout ratio, pending litigation with a tenant, Star Holdings fee income headwinds and limited visibility on unlocking Caret value as the drivers of the downgrade, the analyst tells investors in a research note.

3. Commerce.com downgraded to Underweight at Morgan Stanley

Morgan Stanley downgraded Commerce.com (CMRC) to Underweight from Equal Weight with a price target of $4, down from $6.50. The firm says leading indicators indicate the company is a “share donor with ongoing execution issues.” The company’s rebrand in the summer of 2025 appears to be largely a messaging reset with limited evidence of a changing product strategy, the analyst tells investors in a research note. Morgan Stanley cites weakening fundamentals and a lack of visibility into a growth recovery for the downgrade.

4. TD downgrades W. R. Berkley to Sell on valuation, fundamentals

TD Cowen downgraded W. R. Berkley (WRB) to Sell from Hold with a price target of $55, down from $77. The firm’s analysis indicates W. R. Berkley trades at a premium relative to its current fundamentals. It sees limited share upside potential as the company’s earnings growth slows and reserve risks rise. Softer premium growth is also likely to add to W. R. Berkley’s valuation pressure, TD Cowen tells investors in a research note.

5. Southern Copper downgraded to Underweight at JPMorgan

JPMorgan downgraded Southern Copper (SCCO) to Underweight from Neutral with a price target of $117.50, down from $119.50. Following the recent rally, the shares are trading at valuation levels that suggest limited upside even at spot copper prices, the firm tells investors in a research note. For investors seeking exposure to metals in Latin America, JPMorgan highlights Vale as its top pick and sees Antofagasta as an interesting opportunity. The firm sees growing signs of near-term vulnerability for copper prices, saying the move higher has been driven more by technical factors and investor positioning than by fundamental strength.

Southern Copper downgraded to Sell at UBS

UBS downgraded Southern Copper to Sell from Neutral with a price target of $148, up from $143. The firm cites the recent raise in silver prices for the target boost. UBS also remains “constructive” on copper prices in 2026 and 2027 due to “constrained” supply and “robust” demand. However, it sees potential for prices to consolidate near-term after the recent “aggressive move.” Southern Copper’s guidance when reporting Q4 at the end of January could weigh on the stock with its production set to fall year-over-year in 2026 and Tia Maria unlikely to start up in 2027. The company’s political risk in Peru is also elevated near-term ahead of the elections, adds the firm.