Here are the principal analyst calls from the past week, organized by company and summarizing the logic underpinning each rating change.
Oracle Corporation (ORCL)
On Monday, DA Davidson moved Oracle to a Buy rating from Neutral and maintained a $180 price target. The firm values the target at 23 times fiscal 2027 earnings per share. DA Davidson’s note foregrounds the company’s sizable financing commitments, citing roughly $130 billion of debt and about $248 billion of lease obligations as an acute burden that heightens the consequences of execution missteps.
The bank also flagged Oracle’s near-term capital activity, stating that a $45 billion to $50 billion capital raise represents the year’s last substantial draw on the equity markets. DA Davidson expects the prospective at-the-market equity issuance to weigh on the stock for an estimated ten-week window, but views the move as a temporary impact rather than a longer-term impairment.
In sum, DA Davidson upgraded the stock based on the view that Oracle’s operating resilience can outpace investor concerns tied to its leverage and leasing profile. The firm’s decision rests on an assessment that the company can navigate its balance-sheet commitments and that the imminent equity activity will impose only a short-lived headwind to the share price.
Unity Software Inc (U)
On Tuesday, Oppenheimer raised Unity to Outperform and set a $38 price target. The firm’s rationale rejects the narrative that emerging AI efforts, specifically referenced in the note as Google’s Project Genie and so-called world model initiatives, will render game engines obsolete.
Oppenheimer characterizes such market fears as excessive and instead portrays Unity as an essential development platform. The firm expects Unity’s Grow segment to reaccelerate, citing the influence of Vector, and highlights disciplined cost management. Together, these forces are expected to support both accelerating revenue and expanding margins through 2026, according to the note.
Oppenheimer’s upgrade frames the current share-price weakness as a dislocation between perception and fundamentals, arguing that Unity will compete effectively in contexts where AI capabilities are being added rather than replacing fundamental engine responsibilities.
Norwegian Cruise Line Holdings Ltd (NCLH)
On Wednesday, Barclays downgraded Norwegian Cruise Line to Equal Weight from its prior stance and assigned a $23 price target. Barclays noted that the stock had advanced about 24% over the prior three months while the S&P 500 returned roughly 2% across the same span, prompting the firm to reassess upside versus downside.
The bank cites multiple near-term and structural concerns. Barclays expects first-quarter yields to be weak and judges that there is more downside risk than upside to current consensus estimates. Proprietary Caribbean pricing checks referenced in the note reportedly continue to soften through the remainder of 2026, a trend Barclays believes will disproportionately affect Norwegian given its relatively thinner distribution capabilities compared with some larger peers.
Barclays also flagged brand de-premiumization at Norwegian, which the firm interprets as a reduction in the brand’s ability to command higher onboard spending. That dynamic, combined with competitive pressures from other large cruise operators, leads Barclays to conclude that Norwegian’s 2026 guidance will be more challenged than peer guidance and that the company faces credibility risk following prior downward guidance revisions. As a result, the firm moved to a more neutral stance.
Kraft Heinz Co (KHC)
On Thursday, JPMorgan cut Kraft Heinz to Underweight and set a $22 price target. The bank’s note acknowledges that Kraft Heinz beat fourth-quarter 2025 earnings expectations, driven by favorable selling, general and administrative expense performance and a lower tax rate.
Despite the quarterly beat, JPMorgan emphasized the company’s 2026 guidance as the more significant signal. That guidance calls for organic sales growth and earnings per share below consensus. JPMorgan described the marked reduction in the 2026 earnings outlook as a factor that may mute near-term upside, particularly over the next couple of quarters.
The bank highlighted persistent volume pressure in North America, noting that volumes have declined more than 3% year over year for 19 consecutive quarters. It also described Kraft Heinz’s reliance on higher marketing investment to drive a recovery in consumption, an approach that can take time to shift consumer habits. JPMorgan warned that if reacceleration of growth requires greater investment than anticipated, the company could face financial strain. The note projects that the dividend is expected to consume nearly 80% of free cash flow in the current year, a dynamic that could limit strategic flexibility if results disappoint.
Takeaways for markets
- Analyst moves this week touched both cyclical and defensive sectors: enterprise software and AI-facing platforms, consumer discretionary travel and leisure, and packaged foodstuffs.
- Balance-sheet scrutiny and near-term capital raises figured centrally in the Oracle call; product-market positioning and AI-related competitive narratives dominated the Unity note.
- For travel and staples stocks, demand trends and pricing power were the proximate causes of reassessment by brokers.
What to watch next
- For Oracle, investors will likely monitor any equity issuance cadence and near-term execution against lofty leverage considerations cited by the analyst.
- Unity watchers should track Grow segment momentum, Vector-related contributions and margin trends through 2026 as outlined by Oppenheimer.
- For Norwegian, forward pricing in key Caribbean itineraries and 1Q yields will be immediate data points to assess the Barclays thesis.
- Kraft Heinz’s execution on marketing-led recovery and the company’s ability to stop prolonged volume declines in North America will be focal points for JPMorgan’s concerns.