Five stocks stand out heading into Monday, November 2, 2026, each backed by a bullish rating change issued on Friday, October 30. On October 29, the S&P 500 slipped 0.30% to 7,720.39 and the Nasdaq Composite fell 1.38% to 26,184.72, while the Russell 2000 gained 1.01%. That day, the first estimate of third-quarter GDP showed 3.4% annualized growth, and September PCE inflation rose 0.5% for the month and 3.6% from a year earlier. Amazon missed earnings forecasts after the close on October 29, and Intel forecast weaker sales than expected. By 1 p.m. ET on October 30, Intel had fallen nearly 30%, and the SPDR S&P 500 ETF was down 1.75%. The ISM manufacturing report and Apple's results are due November 2, the midterm elections are November 3, and the ISM services report follows on November 4.
The five ideas below span food delivery, power equipment, semiconductors, biotech, and electric vehicles. Editorial notes only, not investment advice.
DoorDash (DASH) – Wedbush Upgrades the Delivery Platform
DoorDash was upgraded from Neutral to Outperform on Friday by Wedbush. Cantor Fitzgerald's Deepak Mathivanan reiterated his Overweight rating and $240 price target the same day. DoorDash runs the largest food delivery service in the U.S. and has expanded into groceries, retail, and international markets. In our view, the shift toward ordering everyday goods online gives DoorDash room to grow beyond restaurant meals.
Shares traded near $179.94 during Friday's session, up about 0.53%, giving DoorDash a market capitalization near $78 billion. The stock sits closer to its 52-week low of $143.30 than its high of $260.74, and the trailing price-to-earnings multiple is 74.28.
Consensus reads buy, with 23 of 31 tracked firms bullish and eight neutral. The average price target of $253.42 implies roughly 41% upside, though several targets came down on October 30. The Cantor target implies about 33%. Truist's Youssef Squali raised his target to $340 on October 30.
Risks: Barclays' Ross Sandler held Equal-Weight on October 30 and cut his target to $205 from $230. Heavy investment spending, competition from Uber and Instacart, and rules on gig-worker pay remain factors to monitor.
GE Vernova (GEV) – HSBC Upgrades the Power Equipment Maker
GE Vernova was upgraded from Hold to Buy on Friday by HSBC analyst Sean McLoughlin, who raised his price target to $1,100 from $1,040. GE Vernova makes gas turbines, grid equipment, and wind turbines used by utilities and power developers. In our view, rising power demand from data centers and factories gives GE Vernova a long runway, and the stock's pullback from its high leaves room for gains.
Shares traded near $849.92 during Friday's session, down about 4.27%, giving GE Vernova a market capitalization near $225 billion. The 52-week range runs from $530.16 to $1,195.94, and the trailing price-to-earnings multiple is 22.43.
Consensus reads strong buy, with 19 bullish, two neutral, and one bearish rating among 22 tracked firms. The average price target of $1,122.05 implies roughly 32% upside, and the HSBC target implies about 29%.
Risks: JPMorgan's Julian Mitchell kept his Overweight rating but cut his target to $1,035 from $1,150 on October 29. GLJ Research's Gordon Johnson holds a Sell rating with a $540 target. Losses in the wind business, supply-chain limits, and any slowdown in AI data center spending remain factors to monitor.
Monolithic Power Systems (MPWR) – Rosenblatt Upgrades the Power Chip Designer
Monolithic Power was upgraded from Neutral to Buy on Friday by Rosenblatt analyst Kevin Cassidy, who raised his price target to $1,700 from $1,575. Truist's William Stein kept his Buy rating the same day and raised his target to $1,906 from $1,889. Monolithic Power designs chips that manage and convert power in AI servers, cars, and industrial equipment. In our view, AI processors use large amounts of power, which increases demand for efficient power-delivery chips.
Shares traded near $1,183.96 during Friday's session, down about 1.24%, giving Monolithic Power a market capitalization near $58 billion. The 52-week range runs from $833.18 to $1,714.09, the trailing price-to-earnings multiple is 65.33, and the dividend yield is near 1%.
Consensus reads strong buy, with all nine tracked firms bullish. The average price target of $1,700.67 implies roughly 44% upside, in line with the Rosenblatt target.
Risks: Oppenheimer's Rick Schafer kept his Outperform rating but cut his target to $1,500 from $1,700 on October 23. Competition in AI power chips, customer concentration, and the wider chip-stock selloff remain factors to monitor.
Incyte (INCY) – Oppenheimer Upgrades the Cancer and Skin Disease Drug Maker
Incyte was upgraded from Perform to Outperform on Friday by Oppenheimer. Barclays' Etzer Darout kept his Overweight rating the same day and raised his target to $143 from $139. Incyte sells Jakafi, a treatment for certain blood cancers, and Opzelura, a cream for skin conditions. In our view, growth from Opzelura and new launches could help Incyte prepare for the eventual loss of Jakafi's patent protection.
Shares traded near $120.38 during Friday's session, up about 3.07%, giving Incyte a market capitalization near $24 billion. The 52-week range runs from $89.25 to $132.60, and the trailing price-to-earnings multiple is 64.01.
This is a contrarian call. Consensus reads buy, but only 10 of 19 tracked firms are bullish, with nine neutral. The average price target of $129.58 implies roughly 8% upside, and the Barclays target implies about 19%.
Risks: RBC Capital's Brian Abrahams held Sector Perform on October 30 with a $117 target, and Wells Fargo's Derek Archila held Equal-Weight at $127. Jakafi's patent expiration, trial results, and drug pricing pressure remain factors to monitor.
Rivian Automotive (RIVN) – Jefferies Upgrades the Electric Vehicle Maker
Rivian was upgraded from Hold to Buy on Friday by Jefferies analyst Philippe Houchois, who kept a $17 price target. Rivian builds electric pickup trucks, SUVs, and delivery vans, and its lower-priced R2 model is central to its growth plans. In our view, a cheaper vehicle could widen Rivian's customer base and help it move toward profitability.
Shares traded near $11.60 during Friday's session, up about 1.31%, giving Rivian a market capitalization near $17 billion. The stock sits just above its 52-week low of $11.38 and far below its high of $22.69. The company is not profitable, so the price-to-earnings multiple is not meaningful.
Consensus reads buy, with 12 bullish, six neutral, and three bearish ratings among 21 tracked firms. The average price target of $18.81 looks high after recent cuts. The Jefferies target implies about 47% upside.
Risks: Needham's Chris Pierce kept his Buy rating but cut his target to $18 from $23 on October 30, and Cantor Fitzgerald's Andres Sheppard held Neutral while cutting his target to $16. Cash burn, weak electric vehicle demand, and production execution on the R2 remain factors to monitor.
Found this helpful? Share it with others.