The Most Upgraded Stocks in Q3: Good News for the S&P 500Written by Thomas Hughes. Published 9/17/2025.
Key Points- The market leaders are back in analysts' favor and ranked highly on MarketBeat's list of Most Upgraded Stocks.
- Five of the top ten represent more than 30% of the S&P 500 index and are forecasted to set new highs.
- Technical indications suggest the moves will exceed the high end of analysts' forecast ranges.
MarketBeat’s screen for Most Upgraded Stocks has seen significant updates since the FQ2 earnings releases. These changes are among the most substantial in recent quarters, as AI market leaders regain analysts’ favor.
The ranking now features five of the Magnificent Seven—among them NVIDIA (NASDAQ: NVDA)—and accounts for more than 30% of the S&P 500 (NYSEARCA: SPY) index. All five sit in the top ten (four in the top five), while new leaders also emerge. These include other critical AI names such as Oracle (NYSE: ORCL), Advanced Micro Devices (NASDAQ: AMD), and Snowflake (NYSE: SNOW), which is experiencing accelerating demand for its data-management services.
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The key takeaway is that the S&P 500’s price outlook has strengthened. With top names back in favor, investors can expect continued capital inflows to push share prices—and the index—higher.
Here’s a look at where analysts’ trends suggest these leading stocks are headed.
Alphabet: The Most Upgraded Stock in Q3 Alphabet (NASDAQ: GOOGL) emerged as the most upgraded stock of the cycle, driven by outperformance and favorable antitrust rulings.
In the 90 days leading into mid-September, analysts reported 44 bullish revisions, including numerous upgrades and price-target hikes.
Although the consensus forecast suggests a 10% pullback, it has climbed sharply since late July—fueled by revisions that could boost shares another 10%—with the upward trend likely to continue.
Alphabet’s results highlight strength across all major segments, led by a 32% jump in Google Cloud.
Meta Platforms: A Close Second as Analysts Praise Results Meta Platforms (NASDAQ: META) ranks a close second, with MarketBeat tracking 43 positive revisions. As a result, coverage has expanded, sentiment has strengthened, and the price target has risen.
Analysts now project a 5% gain at the consensus level and up to 25% at the high end.
Since the high-end target was recently set, it reinforces the bullish bias. The chart shows an uptrend that could see the $980 target surpassed by early 2026.
Meta’s 2025 results outperformed, led by AI-driven gains and a sturdy outlook for sustained growth.
Amazon: On the Verge of a Major Breakout Amazon (NASDAQ: AMZN) has drawn 37 positive analyst updates over the past three months, including new coverage and upgrades that shifted its consensus rating from Moderate Buy to Buy.
Price targets have been revised upward, with the consensus outlook showing a 12% upside as of mid-September. The high-end range extends that to 15%.
Technically, a move to new highs—similar to Alphabet—could exceed analysts’ forecasts.
With rate cuts on the horizon boosting consumer spending ahead of the holidays, Amazon’s upcoming results look poised to impress, likely sustaining the bullish analyst momentum.
Oracle: On Track for a Trillion-Dollar ValuationOracle’s recent results, deal announcements, and analysts’ sentiment have it on track for a trillion-dollar valuation. After a 30% rally in under a month, it needs roughly another 15% to hit the milestone.
At that level, it would surpass Berkshire Hathaway to become the 10th-largest company, with potential for further gains.
Analysts have issued 37 positive updates, including upgrades and price-target hikes. The Moderate Buy consensus is on the cusp of a full Buy rating, with targets climbing significantly.
The consensus assumes fair value near $300—up 85% year-over-year and nearly 35% over the past month—while the high-end target of $410 carries an additional 30% upside.
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