Wall Street ended a punishing week on Friday with a partial recovery. The Nasdaq Composite rose 1.09% to 24,579.42 and the S&P 500 gained 0.31% to 7,376.86, while the Dow Jones Industrial Average slipped 0.46% on November 6. The S&P 500 was still on track for its worst week since June.
A Chip-Led Rout Shakes the Market
Thursday did the damage. The S&P 500 fell more than 4%, its worst day since the April 2025 tariff crash, and about $3 trillion in market value disappeared. The PHLX Semiconductor Index dropped 12%, its worst day since March 2020, and the Nasdaq slipped into a correction.
The trigger was political. After Tuesday’s election, Democratic gains raised fears of tighter rules on AI data centers, Reuters reported on November 6, and investors worried that new rules could slow data center construction. For the week, technology stocks fell 7% and energy stocks fell 11%.
Volatility spiked along with prices. The VVIX rose as much as 70% on Thursday, a move seen only eight times since 1991, according to CBOE data cited by Yahoo Finance’s Brian Sozzi. In the eight earlier cases, the S&P 500 averaged a 3.0% gain one month later and 14.7% one year later. You might also be interested in reading our piece on oversold AI stocks where Wall Street analysts are spotting 50%+ upside.
A Hot Jobs Report Revives Rate-Hike Bets
Friday’s October jobs report added a second jolt. Employers added 165,000 jobs, more than twice what economists expected, and the unemployment rate ticked down to 4.1%, Reuters reported. Markets priced about a 78% chance of a quarter-point hike at the Federal Reserve’s December meeting, up from about 67% a day earlier.
Fitch Ratings analyst Olu Sonola said the economy “remains on firm footing,” and that the labor market’s resilience pushes the debate toward a December hike. St. Louis Fed President Alberto Musalem, who has advocated further hikes, called inflation “a regressive tax, a distortionary tax.” Our analysis of 52-week low technology stocks to buy according to analysts covers another group.
Federal Reserve Chairman Kevin Warsh said last month that policymakers would watch “the accumulation of data” to decide whether more tightening is needed. The 10-year Treasury yield was about 4.86% on Friday, up roughly 2 basis points. The Fed meets December 8-9, and a quarter-point hike is the widely expected outcome.
Photo by Arturo Añez on Unsplash
Our Methodology
For this article, we reviewed analyst upgrades issued on Friday, November 6, 2026, excluding new coverage initiations, and kept stocks listed on US exchanges whose ratings came from firms we track. We ranked the 10 stocks in ascending order of average upside potential, based on the average price target of all analysts covering the stock, as of November 7, 2026. We also list each stock’s number of hedge fund holders as of Q2 2026, from our database of 1,006 hedge funds.
Why are we interested in the stocks that hedge funds pile into? 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).
Don’t Miss Out: 10 Stocks Getting Major Upgrades From Top Analysts
10. Becton Dickinson (NYSE:BDX)
Market Cap: $57.71 billion
Average Upside Potential: 4%
Number of Hedge Fund Holders: 46
Wells Fargo analyst Lawrence Biegelsen upgraded Becton Dickinson to Overweight from Equal Weight on November 6 and raised his price target to $242 from $170.
Wells Fargo cited improved execution. The medical device maker’s second-half fiscal 2026 results came in ahead of expectations for sales growth and earnings per share, and, according to the note, management described fiscal 2027 guidance as prudent, leaving room for upside. The target is about 17 times a calendar 2028 earnings estimate of $14.40. A summary of the note adds that Becton is a more focused medical technology business after the Waters transaction.
In its fiscal fourth quarter, Becton reported revenue of $5.27 billion, up 5.4%, and adjusted earnings per share of $4.15, up 27.3%. Over the full fiscal year, adjusted earnings per share were $12.70, free cash flow rose 42.5% to $2.9 billion and cash from continuing operations rose 30.0% to $3.6 billion. Becton’s fiscal 2027 targets are adjusted earnings per share of $13.10 to $13.30 and low single-digit revenue growth.
For the backstory on the profit slump, see why Becton’s earnings fell so much further than its revenue grew.
9. Appian (NASDAQ:APPN)
Market Cap: $3.70 billion
Average Upside Potential: 6%
Number of Hedge Fund Holders: 33
William Blair upgraded Appian to Outperform from Market Perform following the third-quarter results of the McLean, Virginia-based software company.
The firm based the upgrade on faster growth. Total revenue rose 26% in constant currency and cloud revenue rose 21%. Cloud net revenue retention increased five percentage points from the previous quarter to 120%, and adjusted EBITDA finished about 36% above what Wall Street had projected. William Blair also highlighted Appian’s raised fourth-quarter cloud guidance of 22% to 24% growth, against a Street estimate of 17% beforehand. That works out to four to five points of acceleration from the third quarter, and the firm observed that Appian has tended to guide cautiously.
Appian reported its results for the quarter ended September 30 on November 5. Cloud subscriptions revenue was $136.4 million, up 20% from the third quarter of 2025, and professional services revenue was $46.9 million, up 18%. Adjusted EBITDA was $43.4 million against $32.2 million a year earlier. GAAP net income was $12.3 million, or $0.17 per diluted share, compared with $7.8 million, or $0.10, in the year-ago quarter.
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.
4. Baytex Energy (NYSE:BTE)
Market Cap: $2.92 billion
Average Upside Potential: 48%
Number of Hedge Fund Holders: 22
TD Cowen analyst Menno Hulshof upgraded Baytex Energy, the Canadian oil and gas producer, to Buy from Hold on November 6 with a price target of C$8.
Hulshof described the company’s growth plan as “thoughtful” and said it has “optionality.” He also said the recent drop in the share price offers “an attractive entry point” for investors.
For the third quarter, Baytex reported petroleum and natural gas sales of C$605.9 million and production of 71,606 barrels of oil equivalent a day, 5% above a year earlier. At the end of September it had net cash of C$522.4 million, against net debt of C$2,244.4 million twelve months before. Its U.S. business was sold in December 2025. Free cash flow was C$138.5 million, and shareholder returns in the quarter totaled C$165 million, of which C$149 million went to buybacks.
Baytex raised its 2026 capital budget to about C$665 million and left production guidance at about 71,000 barrels a day. It guided 2027 production to 76,000 to 79,000 barrels a day, growth of 7% to 11%. Its Duvernay production hit a record 12,806 barrels a day, up 26%.
3. SiTime (NASDAQ:SITM)
Market Cap: $12.59 billion
Average Upside Potential: 71%
Number of Hedge Fund Holders: 76
Seaport Global analyst Jay Goldberg upgraded SiTime to Buy from Neutral on November 6 and set a price target of $425.
Goldberg said the recent sell-off in AI-related stocks was too broad and went too far, which he sees as a buying opportunity in the timing solutions company. Seaport said it had stayed on the sidelines earlier because of valuation concerns. The upgrade came after a dip in the shares following earnings.
SiTime makes silicon-based timing parts that replace traditional quartz components. It reported third-quarter results after the market closed on November 4: net revenue was $298.7 million, up 257% from $83.6 million in the third quarter of 2025. Gross margin was 51.6% on a GAAP basis and 70.7% non-GAAP. GAAP net income was $4.4 million, or $0.14 per diluted share, while non-GAAP net income was $130.3 million, or $4.01 per diluted share.
SiTime’s Chief Executive Officer Rajesh Vashist said in the release, “AI infrastructure buildout continued to drive demand for differentiated timing.”
Benchmark also assigned the stock a Buy rating, which we covered in our write-up on SiTime and the timing technology market’s expansion.
2. Centrus Energy (NYSE:LEU)
Market Cap: $2.14 billion
Average Upside Potential: 78%
Number of Hedge Fund Holders: 28
Roth Capital analyst Joe Reagor upgraded Centrus Energy to Buy from Neutral on November 6 and kept his price target at $115.
Roth had been worried that revenue could fall in 2028 because a ban on Russian uranium imports starts on January 1, 2028, unless the U.S. government changes course. The firm now says Centrus has cut that risk considerably through a recent contract and acquisition, and it judged the timing right to upgrade.
In its third-quarter report, Centrus listed about $5.4 billion of contingent sales commitments for low-enriched uranium and high-assay low-enriched uranium, with $5.1 billion under definitive agreements. It has finished manufacturing and started shipping centrifuges from Oak Ridge, Tennessee, ahead of its year-end target, and its CEO described the first new centrifuge shipment as two months ahead of schedule. Centrus also completed contracts with all the supply-chain partners it considers critical, ahead of that same year-end goal. Its report also refers to its recent acquisition of Westerman. It forecasts 2026 revenue of $450 million to $500 million.
We covered a new HALEU supply deal with Antares earlier this fall.
1. Solaris Energy Infrastructure (NYSE:SEI)
Market Cap: $4.63 billion
Average Upside Potential: 84%
Number of Hedge Fund Holders: 65
Raymond James analyst J.R. Weston upgraded Solaris Energy Infrastructure to Strong Buy from Outperform on November 6 and raised his price target to $113 from $102.
Weston called the roughly 25% drop over five days a good moment to buy. He believes the market is undervaluing Solaris’s shift into power infrastructure over the next several years, and that its long-duration earnings, which are becoming easier to see, do not match the volatility in the shares. He noted that the 3.5-gigawatt fleet is about 91% contracted, with longer contracts, investment-grade customers and strong payment protections. Wider turnkey work and customer expansions lifted his estimate of full-deployment EBITDA to about $1.65 billion, roughly $300 million above the company’s September outlook.
The upgrade came after Solaris’s third-quarter report. The company raised its fourth-quarter adjusted EBITDA outlook to $165 million to $185 million, and adjusted EBITDA rose about 26% from the prior quarter to roughly $136 million. It also kept its dividend at $0.12 per share, the 33rd consecutive quarterly payment, and cited $1.5 billion in fresh liquidity.
We asked whether the stock was too expensive after Solaris lifted its EBITDA guidance earlier this fall.
READ NEXT: Solaris Energy (SEI) Rockets 16% on Upbeat H2, Hedge Fund Holdings Jump and Centrus Energy (LEU) May Have Found its Next Major Growth Opportunity
