10 Stocks Analysts Just Upgraded

8. Sanofi (NASDAQ:SNY)

Market Cap: $115.23 billion

Average Upside Potential: 8%

Number of Hedge Fund Holders: 35

BNP Paribas upgraded Sanofi to Outperform from Neutral on Monday, November 9. Bulls on the stock point to Dupixent’s growth, a widening product base, and rising profit through 2030, all outlined on the company’s third-quarter call.

Sanofi makes prescription medicines and vaccines. Dupixent, its treatment for eczema, asthma, and other inflammatory conditions, sold €5.7 billion in the quarter, up 34.8%, and management says the growth was mainly driven by demand. Sanofi says advanced therapies still reach only about 20% of eczema patients, which leaves room to grow. It raised its 2026 outlook, and its finance chief expects operating profit to rise every year through 2030.

Newer medicines and vaccines are growing as well. Management calls planning for Dupixent’s eventual loss of patent protection its top priority. To that end, Sanofi has expanded its alliance with Regeneron to develop next-generation antibodies, and it expects 2027 data from several mid-stage and late-stage programs.

Bears point to falling vaccine sales, a slightly negative price effect expected in 2027, and the discontinuation of two experimental drugs, amlitelimab and itepekimab. Divestments will also reduce 2027 sales by about €1.3 billion.

7. South Bow (NYSE:SOBO)

Market Cap: $6.73 billion

Average Upside Potential: 10%

Number of Hedge Fund Holders: 18

TD Cowen analyst Aaron MacNeil upgraded South Bow to Buy from Hold on Monday, November 9, with a C$51 price target. MacNeil’s reasoning is valuation and income: the stock has fallen sharply from its July highs, and its dividend yield of about 6.4% is the highest among the Canadian midstream companies he covers.

South Bow operates crude oil pipelines, including the Keystone system. About 90% of its cash flow is contracted, which limits exposure to oil price swings. In the third quarter, net debt to normalized EBITDA fell to 4.3 times, and TD Cowen expects it to move toward 4.0 times. The firm also sees upside from the proposed Prairie Connector pipeline.

That project carries timing risk. South Bow does not expect a final investment decision on the Prairie Connector or the Liberty Bridge pipeline until the middle of next year, and it says both depend on regulatory certainty and durable permits. The company also expects lower distributable cash flow next year, mainly because of higher income taxes.

Our look at South Bow’s role in the oil patch explains how the company earns money when crude gets volatile.

6. SAP (NYSE:SAP)

Market Cap: $268.87 billion

Average Upside Potential: 18%

Number of Hedge Fund Holders: 35

JPMorgan analyst Toby Ogg upgraded SAP to Overweight from Neutral on Monday, November 9, and raised his price target to €275 from €175. Ogg argues that SAP is “no longer priced for AI disruption.”

SAP sells business software that large companies use to run finance, supply chains, and workforces, and it is moving customers from self-installed software to cloud subscriptions. The concern weighing on the shares was that artificial intelligence could erode that franchise. Ogg’s view is the reverse: as companies move AI from pilots to production, established systems of record like SAP’s benefit.

He cites cloud backlog, which tracks cloud business already contracted with customers, as evidence. It has beaten expectations for three straight quarters and reached €24.14 billion in the third quarter, up 28%. Ogg also expects AI-driven efficiencies to support margins. The target is set for December 2028 and assumes about 24 times forward earnings.

SAP has said it expects 2026 cloud revenue toward the upper end of its €25.8 billion to €26.2 billion range. Our piece on whether AI can deepen SAP’s enterprise moat without hurting margins examines the question at the center of Ogg’s call.

5. Unum (NYSE:UNM)

Market Cap: $12.35 billion

Average Upside Potential: 21%

Number of Hedge Fund Holders: 51

JPMorgan upgraded Unum to Overweight from Neutral on Monday, November 9, and lowered its price target to $90 from $98. The firm sees the risk and reward as attractive even on lower earnings estimates, and it points to stable employment and wage trends as support for disability and group benefits demand.

Unum sells disability insurance and other benefits through employers, so its premiums track employment and pay. Core premiums grew 4.7% in the third quarter on a constant-currency basis, and the company repurchased $202.0 million of its stock.

The lower estimates reflect weakness in group long-term disability. The benefit ratio, which measures claims paid as a share of premiums, rose to 67.1% from 47.8% a year earlier, and adjusted operating income per share fell to $2.20 from $2.81. Unum also introduced a new 2026 outlook definition that includes annual reserve updates, so it is not directly comparable with earlier guidance.

The pace at which disability claims normalize will determine how much of the earnings decline reverses. Bulls expect claims to stabilize while premiums keep growing, and the lower target shows JPMorgan still factors in the claims risk.