These 3 Stocks Got the Most Love From Analysts in September

Key Points

• Technology stocks dominated Wall Street's upgrade activity in September, the only month the sector posted a gain among S&P 500 groups.
• Okta topped the list with over 25 upgrades following its AI agent security announcements, while Meta's Muse launch and Dell's record earnings each drove more than 15 upgrades.
• Analysts note that standard 12-month price targets may undersell these companies' prospects, since markets like AI agents, AI servers, and identity security are expected to grow sharply through 2030 and beyond.

]The S&P 500 technology sector had a strong September, delivering a return of approximately 5.1%. Notably, among all 11 sectors, tech was the only one to register a positive performance during the month. Amid this, it’s not surprising to see that technology stocks topped the list of the most upgraded names by Wall Street analysts. These are three stocks that analysts showered with praise last month, and what price targets say about their potential going forward.

Meta’s Big Comeback: Muse Is Winning Over Markets and Analysts

Over recent months, Meta Platforms NASDAQ: META has experienced arguably the largest positive shift in sentiment of any AI stock. Following its Q2 earnings report, META closed at approximately $538, leaving shares down 18% on the year. However, Meta now trades well above $700 and has seen its year-to-date return exceed 10%.

The most critical factor in this shift has been the release of its Muse Personal AI agent. According to Sensor Tower, Muse reached 5 million app downloads in just 22 days, less than half the 56 days it took ChatGPT to achieve this. Clearly, Muse is generating strong interest as Meta targets the agentic e-commerce market that could be worth hundreds of billions of dollars over the coming years.

Muse’s release helped Meta become one of the most upgraded stocks in September, receiving more than 15 upgrades or price target increases. Following this, the MarketBeat consensus price target of $791.86 implies limited upside of less than 10%. However, the average of targets updated in September is dramatically higher, at nearly $858, implying upside of about 15%.

Analysts Shower Dell in Upgrades After Record Earnings

Unlike Meta, Dell Technologies NYSE: DELL has experienced a strong rally throughout most of 2026. Shares are up more than 350% year to date as the company sees strong demand for its AI servers.

The company’s Q2 earnings report at the beginning of September was a huge upside catalyst. Shares soared 15.8% following this report, as Dell posted record revenue and record earnings per share (EPS). Its sales of $47 billion were more than $2 billion higher than anticipated, and its EPS of $7.04 walloped estimates of $4.91. The company says it now has a record AI backlog of $95 billion, and that its pipeline of potential deals is multiple times larger than this.

The company’s record results led to analysts upgrading the stock en masse, with Dell receiving approximately 15 upgrades or price target increases in September. The MarketBeat consensus price target of $571.12 sits roughly in line with recent trading levels. However, the average moves up moderately to just under $600 when isolating September updates, putting those targets modestly above recent trading levels. September updates also show a relatively wide range, with Deutsche Bank’s $480 target the lowest and Melius Research’s $735 the highest.

Okta Leads the Pack on September Upgrades

Okta NASDAQ: OKTA, one of the largest players in the cybersecurity industry, takes the cake as September’s most upgraded stock, per MarketBeat data. During the month, Okta received more than 25 analyst upgrades or price target increases, and shares are up approximately 150% in 2026. The vast majority of Okta’s September upgrades came after the company’s Oktane conference. This comes as Okta provided more details on one of its key initiatives: Okta for AI Agents.

As the use of AI agents expands, the product allows companies to track where agents are, what they can do, what they are actually doing, and decide how to respond. Notably, the company’s CEO, Todd McKinnon, said that the market for securing AI agents could be larger than the entire Identity and Access Management (IAM) market is today. Grand View Research estimates that the IAM market was worth around $26.8 billion in 2025.

After Okta’s gains and upgrades, the MarketBeat consensus price target of nearly $201 implies moderate downside in shares. However, the average of targets updated in September is considerably higher, near $225.

12-Month Targets Often Don’t Tell the Full Story

While average price targets across Meta, Dell, and Okta imply somewhat limited upside, these are 12-month forecasts. This is important to understand, given that these companies are targeting markets that have a long potential growth runway.

For example, Okta believes the market for securing AI agents could be larger than the entire IAM market today. However, Okta for AI Agents has only been generally available since April, and the firm has not provided specific revenue numbers for the product yet. As it relates to Meta, Morgan Stanley estimates that AI agents could account for up to 20% of e-commerce in 2030, compared to just 1% today. And, although the AI server market is already very large, Grand View Research estimates it could grow from $157 billion in 2026 to $598 billion by 2033.

The moral of the story is that because price targets only look 12 months out, they do not necessarily capture the long-term growth opportunities of each company. In turn, they may not fully capture the long-term opportunities in the share prices of these firms.