Wall Street Analysts Issue Wave of Rating Changes Covering Mining, Technology and Biotech Shares

Several brokerage firms released new equity research on December 31, 2025, outlining upgrades, downgrades and initiations that affected a broad range of sectors, from natural resources to cloud software and advanced nuclear technology. The calls, compiled by industry news service The Fly, highlight shifting expectations for companies such as BHP Group, DigitalBridge, Commvault and Mereo BioPharma as investors close out the year.

Single Upgrade Targets Global Miner BHP

Argus Research raised its outlook on BHP Group to Buy from Hold and set a price target of $68. The firm cited strengthening prices for iron ore, copper and coal—commodities that account for a significant portion of BHP’s revenue—as the primary driver behind the move. Argus also noted that BHP’s chart pattern appears to be reversing a downtrend that began in March 2022, pointing to a series of higher highs and higher lows in recent months.

DigitalBridge Leads List of Downgrades

RBC Capital shifted DigitalBridge to Sector Perform from Outperform and lowered its target price to $16 from $23 after SoftBank reached an agreement to acquire DigitalBridge for $16 per share in an all-cash transaction valuing the company at approximately $4 billion. The proposed takeover price effectively caps near-term upside, prompting additional downgrades from B. Riley Securities and TD Cowen, both of which moved the stock to ratings equivalent to Neutral.

Jefferies downgraded Mereo BioPharma to Hold from Buy and cut its price target to $0.50 from $7. The decision followed the failure of Setrusumab, a treatment candidate for osteogenesis imperfecta, to meet primary endpoints in the ORBIT and COSMIC trials. Jefferies wrote that the disappointment sent Mereo shares sharply lower and also weighed on development partner Ultragenyx. While the brokerage expects Ultragenyx to regain momentum in 2026 ahead of a Phase III readout in Angelman syndrome, it views Mereo’s strategy as increasingly risky, given the company’s dependency on potential European regulatory pathways and the need to secure an alvelestat partnership.

Stephens Opens Coverage on Data-Protection Providers

Stephens initiated coverage of Commvault at Overweight with a $162 target price, citing the software vendor’s effort to modernize its data-protection platform and pivot toward a software-as-a-service model. According to the firm, Commvault remains a leading name in backup and recovery while simultaneously addressing new market opportunities in cloud-native and hybrid environments.

In separate notes, Stephens began tracking Rubrik with an Overweight rating and a $105 price target, and Varonis with an Equal Weight rating and a $40 target. The brokerage pointed to Rubrik’s forecast for robust top-line growth paired with margin expansion, driven by rising demand for data security. For Varonis, Stephens recognized the company’s established position in unstructured data protection and its ongoing transition to a SaaS-first delivery model, but concluded that the current valuation already reflects much of its expected growth.

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Additional Initiations Highlight Copper and Nuclear Themes

Freedom Capital launched coverage of Ero Copper with a Buy rating and a $32 target price. Analysts emphasized the miner’s portfolio of high-grade, low-cost assets in Brazil, a jurisdiction noted for supportive regulations and significant mineral resources. The firm believes Ero’s concentration in copper positions it to benefit from long-term electrification trends.

H. C. Wainwright started coverage of Terra Innovatum, a developer of small modular reactors, at Buy with a $25 price target. The research note stated that Terra’s strategy of using off-the-shelf components sourced from established supply chains could lower regulatory and technological hurdles that typically confront next-generation nuclear projects.

Analyst recommendations can influence trading volumes and share-price volatility, though investors frequently weigh them against broader market conditions and company-specific fundamentals. Comprehensive guidance on how to interpret brokerage ratings is available on the U.S. Securities and Exchange Commission’s investor education website.

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