10 Stocks Analysts Are Upgrading Right Now

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Wall Street spent the week swinging between relief and worry. Stocks rallied hard on Monday, then slipped on Tuesday, when a hotter-than-expected inflation report arrived just as Federal Reserve officials were openly talking about raising interest rates again.

The swings followed the S&P 500’s biggest weekly drop since April 2025.

Hot Inflation Data Revives Rate-Hike Bets

The Consumer Price Index rose 0.4% in October, the Labor Department said. Economists polled by Reuters had expected a 0.3% gain. Core prices, which leave out food and energy, rose 0.3%, against a forecast of 0.2%.

Traders now put the odds of a quarter-point Fed rate hike in December at 84%, according to Yahoo Finance, and the odds of a half-point move jumped from 0% to 15% in a single day. Fed Governor Christopher Waller said the central bank should raise rates in December even if inflation cooled last month, and should consider a half-point hike if the picture worsens. Dallas Fed President Lorie Logan said the Fed needs at least two more quarter-point increases.

Not every official sounded that hawkish. Kansas City Fed President Jeff Schmid said he thinks the current policy rate is “fairly accommodative,” while Fed Vice Chair for Supervision Michelle Bowman stopped short of calling for hikes but called inflation the central bank’s top priority. You might also be interested in reading our piece on stocks that Wall Street analysts see as affordable.

Stocks Rebound, Then Stall

The Dow Jones Industrial Average fell 0.30% on Tuesday, the S&P 500 lost 0.38% and the Nasdaq Composite dropped 0.74%. Declining stocks outnumbered gainers by 2.27-to-1 on the New York Stock Exchange. That wiped out part of Monday’s rally, when the S&P 500 rose 2.35% for its biggest daily gain since April 8 as falling oil prices eased inflation fears. After the report, shorter-term Treasury yields jumped and the US dollar strengthened.

Last week’s selloff came after a sweeping Democratic victory in the US midterm elections, which stirred worries that new regulations could hurt the AI trade. For another angle on where analysts see room to run, see our list of NYSE stocks with huge upside potential.

James McCann, senior economist at Edward Jones, told Reuters that “there are some fears that underlying price pressures are starting to build again.” The Labor Department releases producer prices on Friday, and CME FedWatch showed the odds of a December rate hike above 80% even before Tuesday’s report.

10 Stocks Analysts Are Upgrading Right Now

Our Methodology

To compile this list, we reviewed analyst rating upgrades and initiations announced on Tuesday, November 10, 2026, as reported by financial news sites. We have ranked these stocks in ascending order of their average upside potential, as of November 10. We also list each stock’s number of hedge fund holders as of Q2 2026, from our database of 1,006 hedge funds.

At Insider Monkey, we are obsessed with what hedge funds do. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Insider Monkey’s quarterly newsletter strategy selects 14 small-cap and large-cap stocks every quarter and has returned 612% since May 2014, beating its benchmark by 375 percentage points (see more details here).

10 Stocks Analysts Are Upgrading Right Now

10. Southern Copper (NYSE:SCCO)

Market Cap: $147.64 billion

Average Upside Potential: 1%

Number of Hedge Fund Holders: 45

UBS raised Southern Copper to Neutral from Sell on Tuesday, saying risk and reward look balanced at current prices while the firm stays positive on copper. Southern Copper, which is majority owned by Grupo Mexico, mines copper in Mexico and Peru. Sales and profit hit records for the second quarter in a row, but higher metal prices drove the gains: net sales jumped 39.1%, while copper volume slipped 0.4% as ore grades fell at its Peruvian mines.

After credits from silver, molybdenum and zinc sales, a pound of copper cost just $0.09 to produce, so there is little left to squeeze. Growth has to come from new tons instead. The Tia Maria and El Pilar projects are set to add 156,000 tons of annual output by 2029, and management is weighing a larger mill at its Cuajone mine in Peru. Those projects take years to build and depend on local permits. UBS’s rating reflects a view that, at today’s share price, the risks and the rewards roughly offset each other.

9. Millicom (NASDAQ:TIGO)

Market Cap: $15.02 billion

Average Upside Potential: 10%

Number of Hedge Fund Holders: 26

UBS lifted Millicom to Buy from Neutral on Tuesday and raised its price target to $109 from $100, saying new evidence on the company’s operating drivers gave it more confidence in the path of free cash flow. Millicom sells mobile and home broadband under the Tigo brand across Latin America, and its equity free cash flow rose 27% to $316 million. Management says it is on track for about $1.1 billion this year.

That cash is going to shareholders and to debt. The board declared dividends for the first two quarters of next year, and half of each payment is extraordinary. In Colombia, where Millicom bought the Coltel business this year, the profit margin reached 44.2%, the highest the company has reported there, even with integration costs still running. The worry is the gap between cash and reported earnings, since severance and restructuring charges keep weighing on the income statement. A recent piece we wrote on why Millicom’s reported profit fell while its cash flow set a record shows how far apart the two can drift.

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