Investors often hear analysts issuing Buy ratings. After all, the stock market and its stocks are generally expected to rise over time. Stocks are close to all-time highs in mid-2026, and maybe it’s time to lock in some gains or protect their assets against losses.
BofA Securities recently warned that investors might want to brace for a stock market correction in Q3-2026, even after warning that the Federal Reserve could issue three interest rate hikes as the next direction in interest rates. And now BofA has just downgraded four stocks to Underperform — effectively meaning they are telling their clients to sell these stocks immediately.
Oggonomics does not recommend for investors to chase daily ratings and price target changes solely based on the analyst calls alone. After all, analysts can be wrong and fundamentals can change on a dime without notice. Still, some analyst reports can offer insight for investors who are looking for clarity and information about certain stocks or sectors.
It should be noted that Wall Street analysts rarely issue the equivalent of “Sell” ratings. FactSet’s analysis of nearly 12,700 stocks shows about 57.5% with “buy” ratings — versus about 37.7% as “Hold/Neutral” and only about 4.8% counted as “Sell” ratings. That’s about 12-to-1 “Buys” versus “Sells.”
Here are the four stocks BofA downgraded to Underperform (Sell equivalent) on June 29, 2026, with price objectives that are either under the current share price or which are not very impressive against other stocks the firm follows.
THE DOUBLE (OR TRIPLE) DOWNGRADE
Doximity, Inc. (DOCS) at $20.80, even after losing half its value so far in 2026…BofA has downgraded Doximity to Underperform from Buy in a rare double-downgrade, and the firm slashed its price objective down to $20 from $38. The firm sees limited clarity on the near-term trajectory of revenue and margins and sees execution risks tied to the company’s AI pivot. While Doximity is making the right strategic moves, BofA worries about its ability to grow current allocations and compete for AI dollars against deep-pocketed rivals like OpenEvidence and OpenAI.
THREE MORE NEW “UNDERPERFORM” CALLS
Alkermes plc (ALKS) at $55.00… BofA downgraded Alkermes to Underperform from Neutral with a $38 price objective. While this is less extreme of a downgrade it is still after the stock has posted a 90% gain year-to-date. The downgrade acknowledges investor excitement over its orexin pipeline following the recent acquisition. The downgrade also puts the stock as being priced for near-perfect execution, without adequately reflecting risks ahead of upcoming orexin pipeline updates.
Amphastar Pharmaceuticals (AMPH) at $21.78… BofA downgraded Amphastar to Underperform from Neutral and cut the price objective down to $20 from $25. The firm has now trimmed estimates on a more modest outlook for Baqsimi and new product launches, and it sees 1) limited visibility into a growth reacceleration and 2) few catalysts for a re-rating over the next 12-18 months. Its stock is down over 20% YTD.
CONMED Corporation (CNMD) at $35.95… BofA downgraded Conmed to Underperform from Neutral, although the price target was maintained at $40 as shares are down double-digit percentage year-to-date. BofA believes that when medtech inflows return, money will favor higher-growth and higher-quality large cap stocks trading at historically low valuations.
DISCLAIMER
The ratings and price targets in this report were issued by BofA Securities. Oggonomics does not issue formal ratings and price targets of its own in any individual stocks.
