The year 2026 has been full of geopolitical risks and rekindled inflation risks, but the Dow and S&P 500 remain stubbornly close to all-time highs. Most analysts have Buy and Outperform ratings, leaving investors wondering if they should ever sell their holdings. The problem is that not all stocks are at all-time highs — and even some well-known are trading very poorly. Is it finally the time to sell some stocks?
Oggonomics has tracked multiple “Sell ratings” being issued over the week of July 10, 2026. What should stand out about these “Sell” ratings is that they are all just ahead of the coming earnings season for July and August. Does Wall Street have some insight ahead of these stocks reporting earnings and issuing guidance?
Some of these “Sell” ratings were already cautious, but what does it say when an analyst’s new price target is handily under the current price of a stock? Some opportunistic investors may think it’s time to unload stocks with downside to focus those assets on ETFs or stocks that they think will rise in value instead of riding losers lower. Others may try to second-guess the analysts with contrasting views on valuations and what those analysts may be overly pessimistic about.
Investors should keep in mind that Wall Street analysts rarely issue “Sell” ratings. FactSet’s analysis of nearly 12,700 stocks shows about 57.5% stock ratings as “buy.” About 37.7% have “Hold/Neutral” ratings, and only about 4.8% are counted as “Sell” ratings. That’s about 12-to-1 “Buys” versus “Sells.” That’s why “Sell” ratings often stand out much more than ongoing Buy reiterations.
Oggonomics does not endorse investors simply chasing daily ratings and price target changes solely based on the analyst calls alone. Still, there are many reasons that research reports stand out when Wall Street firms are telling their clients to sell and abandon certain stock holdings. Just don’t forget that analysts can be wrong and fundamentals can change in an instant. That’s why some of these “sell” ratings also have some additional “contrast” in case the analysts are sticking with Sell ratings without considering the “what could go right” side of the equation.
These are top “Sell” ratings tracked from multiple well-known Wall Street brokerage firms covering well-known stocks during the week of July 10, 2026. The ratings and price targets have been assigned to each firm by name, and the opinions stated in this report are from each of those firms’ research reports. Some contrasting context has been added after each summary that may lessen the blow on at least some of the stocks.
ADOBE: -40% OVER LAST YEAR
Adobe Inc. (ADBE) has had a rough year in the face of ongoing AI-competitive worries, but a BofA Securities reinstatement on July 7 as Underperform and a $190 price objective show at least one worry that the stock could remain weak. While BofA expects that professionals and enterprises will continue to utilize Adobe’s tools, the big fear is that AI-powered competition will likely eat away at much of Adobe’s core market ahead as generative AI’s threat to content creation at lower costs will eat away at the narrative. Adobe had previously closed at $218.07 and its 52-week range is $190.12 – $376.16.
For some contrast… On July 2, Adobe was raised to Buy from Hold at HSBC and their price target was raised to $308 from $282 in that positive call. The HSBC view boils down to the AI competitive concerns being price in and then some. This negative view was also despite Adobe’s recent acquisition of Topaz Labs to help fend off some of that AI-related threat. The consensus estimates also value Adobe at less than 10-times earnings. And Wall Street’s consensus price target is closer to $272 after estimates and price targets had already been sharply lowered.
BATH & BODY WORKS: -39% OVER LAST YEAR
Bath & Body Works (BBWI) was downgraded by Goldman Sachs on July to Sell from Neutral. Its price target was also cut to $19 from $23 (versus a $22.60 reference price). While this is considered an “investment year” for it to focus on the core business and seek new avenues for growth, a key company-specific risk is its expansion into third-party distribution at lower margins that could cannibalize its existing retail business with higher margin sales. Bath & Body Works has a 52-week range of $14.28 – $33.96.
For some contrast… Bath & Body Works may be down handily from a year ago but the stock was basically flat YTD coming into this reporting. This downturn has not been as severe from the 2016 to 2020 drop, but it has almost been as long in duration. Its consensus price target is also closer to $25, implying that not all analysts are as negative as this “sell” report. The company also has just released its biggest brand campaign ever with Hilary Duff and it also unveiled a new strategic partnership with Ulta in more than 600 Ulta retail locations (after the launch of its products on Amazon last November).
BROWN & BROWN: -37% OVER LAST YEAR
Brown & Brown (BRO) was downgraded by Morgan Stanley to Underweight from Equal Weight on July 6, and its price target was cut to $55 from $60 (versus a $70.00 reference price). Morgan Stanley sees better rewards elsewhere in the insurance sector based on Brown & Brown’s weaker organic growth and greater exposure to property risk headwinds versus peers. Its 52-week range is $53.81 – $108.36.
For some contrast… Brown & Brown’s consensus analyst price target is actually closer to $72 and the stock is up handily from its lows in May. It has risen about 16% just in the last month and is valued at roughly 15-times expected earnings.
MATTEL: -34% OVER LAST YEAR
Mattel (MAT) was downgraded to Sell from Neutral at Goldman Sachs on July 9, and the firm cut their price target down to $12 from $15 — under the current $13.16 reference price. According to Goldman Sachs, Mattel is facing significant execution challenges over the coming year. While geopolitical tension remains a risk, the risks of consumer uncertainty and competitive pressures remain in place. Even Mattel’s expansion into trading cards, collectibles, and video games were all cited as risks that should keep the stock range-bound or in decline until it proves more consistency in the core business and in its newer growth initiatives. Mattel has a 52-week range of $12.73 – $22.48 and a consensus price target closer to $18.
For some contrast… Mattel is valued at less than 10-times expected earnings and the toymaker is expected to still generate mid-single-digit sales growth this year and next year. That is also pricing in the ongoing trend that many kids now hardly play with traditional toys in favor of using their phones and tablets all day.
PAYPAL: -39% OVER LAST YEAR
PayPal Holdings, Inc. (PYPL) has been weak for most of 2026, and Barclays expects that weakness to persist. In a July 8 call, Barclays initiated coverage with an Underweight rating and assigned a $42 price target. This is against a reference price of $45.65 and its 52-week trading range is $38.46 – $79.50. The firm initiated coverage of many additional U.S. payments and fintech stocks with much more favorable ratings in a review of competitive threats and opportunities currently priced in. This is actually after losing half its value in the last 18 months, with little known help coming its way.
For some contrast… PayPal’s growth woes are not exactly new. PayPal is also enhancing its PYUSD stablecoin integration with Polygon’s payment network to boost cross-border transactions. It is also now valued at less than 10-times expected earnings, with consensus estimates showing an expected slow growth in 2027.
RIO TINTO: +52% OVER LAST YEAR
Rio Tinto Group (RIO) was downgraded to Underweight from Equal-Weight by Morgan Stanley on July 8, implying about 10% more downside in its ADSs to the overseas price target. The firm cited a stretched valuation on top of weaker aluminum and iron ore fundamentals. The $91.25 reference price for its ADSs is against a 52-week range of $58.16 – $112.58. Even at this point, Rio Tinto has a $145 billion market cap.
For some contrast… The report was using Australian coverage and overseas price targets. The ADSs hit a 5-year high in May of 2026 and have pulled back handily since that peak. As shown in the heading, this stock is still way up over the last year despite a harsh pullback in the last 60 days. Rio is also collaborating with Caterpillar and BHP on battery-electric haul trucks to stress a commitment to sustainable mining practices. Also worth noting, the consensus analyst price target remains higher than the current share price, at over $100 for its ADSs.
WESTERN UNION: -10% OVER LAST YEAR
Western Union (WU) was started with an Underweight rating and $7 price target at Barclays on July 8on July 8, versus a $7.95 reference price and with a 52-week range of $6.91 – $10.35. This call is after a sector reset and with more opportunities seen in payments and transfers in the payments and fintech sector. Western Union has seen pressure on its stock for 5 years and it has lost two-thirds of its value since that time.
For some contrast… Western Union dates back to 1851 and it now services transfers from digital wallets. Its cross-border services reaches over 200 countries and territories and transacts in nearly 130 currencies. It also claims to serve millions of customers each day with hundreds of thousands of agent locations around the globe. The company also gave revenue growth guidance in single-digits for 2026 and is valued at less than 5-times expected earnings.
THE “OTHER” GOLDMAN SACHS
The “other Goldman Sachs” – Goldman Sachs BDC, Inc. (GSBD) was downgraded to Underperform from Neutral at BofA Securities on July 9, with the firm trimming its price objective down to $8.50 from $9.00. This is versus a reference price of $8.93 and a 52-week range of $8.35 – $12.03. Business development companies (BDCs) continue to fight ongoing private credit concerns, additional credit risks and portfolio quality. BofA pointed more specifically on GSBD to its own weaker relative credit performance, reduced earnings power, and few options to help its own situation. The stock still trades handily below its book value per share of $12.17, with expectations that the book value will decline as its legacy assets remain a cloud over the stock.
For some contrast… When stocks trade below book value, even in the troubled BDC sector, it is a time for “value investors” to decide if there is finally an opportunity to buy on the cheap. Sometimes those represent “value traps” as a trick against investors thinking they are buying a business on the cheap when the reality is that weakening fundamentals outweigh a stated book value. For that matter, how many businesses decide to just liquidate and return money to their investors? Hint — almost none.
CONTRAST/DISCLAIMERS
The contrasting points referenced against each “Sell” report are not from the brokerage firm research reports named. These contrasting comments are in no way intended to discount what actual analyst ratings and price targets were signaling. They are simply to show the other side of the coin in case these Wall Street reports are wrong.
