Don’t Miss Out: 10 Stocks Getting Major Upgrades From Top Analysts

8. Ryanair Holdings (NASDAQ:RYAAY)

Market Cap: $30.71 billion

Average Upside Potential: 8%

Number of Hedge Fund Holders: 23

Barclays analyst Andrew Lobbenberg and his team raised Ryanair to Overweight from Equal Weight and lifted the price target to €29 from €24. The same note upgraded Air France-KLM, Norwegian Air Shuttle, Lufthansa and Finnair.

Barclays tied the upgrades to lower spot and forward fuel prices. It said Ryanair and Norwegian feel fuel swings more than other carriers because they hedge less. Ryanair has hedged only 25% of its fiscal 2028 fuel, and the analysts said the lower forward curve makes that year look materially better for the airline.

Ryanair’s half-year report on November 2 showed profit after tax of €2.15 billion, down 15%, on 125.8 million passengers, up 6%. The average fare dropped 4% to €55.70, though management said third-quarter fares are running modestly above last year’s. It announced a new €800 million buyback due to begin in late February, has hedged 80% of fiscal 2027 fuel at about $67 a barrel, and expects to carry 214 million passengers this fiscal year.

We covered the airline’s decision to cut its winter flights and dodge a costly oil spike earlier this fall.

7. Steven Madden (NASDAQ:SHOO)

Market Cap: $2.89 billion

Average Upside Potential: 23%

Number of Hedge Fund Holders: 31

Jefferies analyst Corey Tarlowe moved Steven Madden to Hold from Underperform on November 6 and left his price target at $36.

Jefferies described the outlook for the footwear and accessories maker as balanced, pointing to a broader earnings base and continued opportunities to improve margins. It raised its estimates and called $2.60 of earnings per share next year a reasonable figure. At roughly 14 times that number, the shares reach the $36 target. Jefferies now sees risk and reward as more evenly matched going into 2027.

Steven Madden reported third-quarter results on November 5. Revenue rose 15.7% to $772.6 million, wholesale revenue rose 19.4% to $528.7 million, and direct-to-consumer revenue rose 8.0%. Gross margin was 44.6%, up from 41.5%. Adjusted earnings per share were $0.79 against $0.43, and GAAP diluted earnings per share were $0.72 against $0.29. Chairman and Chief Executive Officer Edward Rosenfeld said, “We delivered an outstanding third quarter, with strong growth across our brands and channels.”

The company lifted its full-year targets to revenue growth of 12% to 13% and adjusted earnings per share of $2.15 to $2.20, from $2.05 to $2.15.

6. Allied Gold (NYSE:AAUC)

Market Cap: $3.22 billion

Average Upside Potential: 40%

Number of Hedge Fund Holders: 26

National Bank Financial analyst Mohamed Sidibé upgraded Allied Gold to Outperform from Sector Perform on November 6 and raised his price target to C$40 from C$37.

Sidibé pointed to better free cash flow “visibility” after the company’s third-quarter results. Reports on the upgrade add that the updated guidance settles the main open question about production, and that progress at the Kurmuk mine plus possible capital returns in 2027 give him more confidence in the 2027 free cash flow outlook.

Allied says Kurmuk, its mine in Ethiopia, is now producing. Third-quarter gold output was 91,195 ounces, up 5% from a year earlier, and Kurmuk is expected to average about 300,000 ounces a year across its first four years. Allied guided total 2027 production to 615,000 to 670,000 ounces.

The company is also considering a base dividend beginning in 2027 and has proposed a buyback of up to 10% of its public float, which needs TSX approval. Third-quarter adjusted earnings were $0.37 per share on revenue of $358.1 million, compared with $305.6 million a year earlier. Adjusted earnings for the first nine months were $1.19 per share.

5. Sociedad Química y Minera de Chile (NYSE:SQM)

Market Cap: $8.22 billion

Average Upside Potential: 43%

Number of Hedge Fund Holders: 30

JPMorgan analyst Lucas Ferreira upgraded the Chilean lithium and chemicals producer Sociedad Química y Minera to Overweight from Neutral on November 6 and cut his fair value estimate to $71 from $88.

JPMorgan expects an “earnings reset” at the lithium and chemicals producer.

SQM’s second-quarter revenue was $2.47 billion, up 136.7% from $1.04 billion a year earlier, and net income was $660.0 million, or $2.31 per share, compared with $88.4 million, or $0.31 per share, in the second quarter of 2025. Lithium sales volumes set a record at more than 84 thousand metric tons of lithium carbonate equivalent, 59% above the second quarter of 2025. Given current market conditions, the company expects lithium prices to stay relatively stable in the third quarter, and it expects full-year specialty plant nutrition volumes to rise about 10% versus 2025. It forecasts 280,000 to 290,000 metric tons of lithium carbonate equivalent from Novandino in 2026, and about $3 billion of capital spending over 2026 to 2028.

Whether lithium’s downturn was over was the question in our article on SQM’s earnings beat and raised lithium outlook.