What the Major Banks Are Recommending Right Now

What are the major banks backing right now, and which of those ideas actually stand up to closer scrutiny? Alpesh Patel OBE screens 71 recent buy-rated stocks across nine sectors, combining analyst calls with momentum, valuation and quality checks to separate stronger setups from potential traps.

But first, some updates & insights

Exciting news. I am being judged. Economics has a public-relations problem.

It shapes our mortgages, pensions, investments and cost of living, yet it is too often presented as a private conversation between people armed with Greek letters and an aversion to plain English.

So, I am especially pleased to have been shortlisted for Best Economist Finfluencer at the Finfluencer Awards 2026. The award recognises people who simplify complex economic ideas, offer practical financial insight and improve public understanding of finance. That is what I have tried to do throughout my work in broadcasting, books, columns, investing education and the Campaign for a Million.

The point is not to make economics simplistic – rather to make it useful. People should understand why inflation is attacked with interest rates and when that is a bad idea. They should know what is ‘fiscal policy’ and ‘monetary policy’ and it should not be only Oxford Dons keeping it to themselves (ahem!)

I am one of five people on the shortlist. If my work has helped you understand economics, markets or investing more clearly, I would be grateful for your vote. (But check out the others – they’re brilliant – and my the best one win). Vote here: https://www.finfluencer.digital/awards/uk/vote

Maybe my explainers help – look at these

Anything Else?

I hosted the RAF in Parliament for an event on climate change

Well I was on Reuters TV to talk AI.

Consider now the AI Data:

I also made an app to help you find stocks to bring to Sharescope for further analysis. Use it here free: https://environment.alpeshpatel.com/

What the Major Banks Are Recommending Right Now

A 71-stock screen of major bank buy ratings from the past month — September 2026

Full stock-by-stock analysis available exclusively to Alpesh Patel Special Edition subscribers.

THE METHOD — WHY THIS LIST EXISTS

Every month I aggregate the stocks that received fresh buy ratings from the major investment banks — UBS, Barclays, Citi, Goldman Sachs, JP Morgan, Morgan Stanley, Bank of America and their peers — within the past month, and run each one through my own screen: the chart, the MACD on weekly and monthly timeframes, quality metrics, and third-party fair value estimates. The banks do the discovery; the discipline is mine.

Bank upgrades are a useful starting point, not a finishing line. Buy ratings outnumber sells roughly four to one industry-wide, corporate relationships create incentives, and banks frequently upgrade stocks after the move has happened. This month is the starkest example in years: several of the most-upgraded names have already doubled, while some of the deepest-discount names on the lists have charts I would not touch. Knowing which is which is what the full analysis provides.

This month’s screen covers 71 stocks across nine sectors, every one with a major-bank buy rating dated inside the past month — the largest list I have run this year — and it splits down one fault line that most coverage has missed entirely. The full edition shows the exact rating dates on every name.

Bank upgrades narrow the universe. The MACD tells you whether momentum is behind the thesis right now. Use both — neither alone is sufficient.

SEPTEMBER 2026 — WHAT IS DRIVING THE LIST

Six macro facts cut across virtually every name this month. Understand these first.

• The Fed is hiking again: on 16 September the Federal Reserve raised rates 0.25% to a 3.75%–4.00% target range, its first increase since 2023, citing war-driven fuel costs and lingering tariff effects, per CNBC. Markets now price roughly three further hikes by mid-2027, per U.S. Bank. The S&P 500 closed 17 September at 7,637, about 2% below its record, with the 10-year Treasury at 4.94%.
• The refining squeeze is the trade of 2026: crude crossed $100 on 10 September, but the real story is products: with more than 7 million barrels per day of Middle Eastern and Russian refined product offline (OilPrice.com, September), the US diesel crack spread has printed records above $100 a barrel (Benzinga, 18 September) against a roughly $20 historical norm. Marathon, Valero and HF Sinclair have each roughly doubled or more this year.
• Airlines are paying for the refiners’ party: jet fuel comes from the same squeezed barrel. That is why five airlines appear on bank buy lists at 10% to 82% below estimated fair value while their charts refuse to trend. One screen, two sides of one spread.
• The US-China clock is ticking: the tariff truce agreed after the October 2025 Busan summit expires on 10 November 2026. Per Bloomberg on 16 September, both sides are discussing tariff cuts on roughly $30 billion of goods ahead of a leaders’ summit in late September. Every China-exposed name on this list trades against that date.
• The consumer has split in two: trade-down retail (Dollar General, Five Below, Chili’s) is breaking out while premium discretionary (On Holding, Ollie’s at the margin, luxury) breaks down. With the Fed hiking into a cooling labour market, I expect that divergence to widen, not close.
• The IPO window is wide open — and selective: Jersey Mike’s completed the restaurant industry’s largest flotation in July at $21–$25 a share (Restaurant Business, 20 July). It now trades below the range. New listings on this screen get a chart-history test before they get my capital.

THE REFINERS — THE TRADE OF 2026

Four refiners and one midstream operator anchor the list, and every one of their charts is at or near all-time highs. The margin these companies earn turning crude into fuel has roughly tripled since January and printed records above anything seen in 2022. The banks are still publishing buy notes after a doubling — which is precisely the situation my framework exists to arbitrate. One of the four still carries a large fair value discount. One is the pure high-beta expression I would trim into strength. And one historical statistic about this exact chart condition should be pinned above the desk of anyone holding the sector.

MORE AVAILABLE IN THE ALPESH PATEL SPECIAL EDITION NEWSLETTER – SUBSCRIBERS ONLY. EXISTING APSE SUBSCRIBERS PLEASE REFER TO LATEST NEWSLETTER. The Refiners — Full Analysis — Which refiner still trades ~45% below estimated fair value after the run — and which one to trim — The single most important warning statistic for the sector, with its five historical precedents — The income route into the same energy theme at a 59% discount with a 6.4% yield — Exact MACD readings, bank coverage, bull and bear cases, and 12-month chart projections for all five names Upgrade at sharescope.co.uk/alpeshpatel

THE AIRLINES — THE OTHER SIDE OF THE SPREAD

Five airlines carry bank buy ratings at 10% to 82% below estimated fair value — the deepest value cluster on the entire screen — and their charts refuse to trend. The reason is the same margin making the refiners rich: jet fuel comes out of the same barrel. One carrier has nineteen buy ratings and not a single dissenting analyst in thirteen weeks, yet the shares are going nowhere. One is the cheapest airline on the list, at an 82% discount, and it is the only one whose momentum has actually turned. Owning airlines and refiners together creates a fuel hedge inside your own portfolio — the full edition explains how.

MORE AVAILABLE IN THE ALPESH PATEL SPECIAL EDITION NEWSLETTER – SUBSCRIBERS ONLY. EXISTING APSE SUBSCRIBERS PLEASE REFER TO LATEST NEWSLETTER. The Airlines — Full Analysis — The one airline whose weekly MACD has genuinely turned from oversold — and the sell rating attached to it — Why the unanimous-buy carrier is stalled, and what would resolve it — The internal-hedge construction pairing this sector with the refiners — Full verdicts, coverage, and MACD reads on all five carriers Upgrade at sharescope.co.uk/alpeshpatel

HEALTHCARE & PHARMA — RECOVERIES AND TRAPS

Eleven healthcare names, and the widest gap on the list between best and worst setup. Three commercial-stage pharma recoveries have confirmed momentum turns, including one at a 78% fair value discount with twenty-two bank buys and not one sell. Against them: a medtech blue chip whose chart has just broken down while banks defend it, and a biotech at an 85% discount with twenty-two buys that has just gapped violently lower — the month’s clearest lesson in why a discount is not a margin of safety. Four biotech names get my binary-risk treatment: cash runway and dilution first, charts second.

MORE AVAILABLE IN THE ALPESH PATEL SPECIAL EDITION NEWSLETTER – SUBSCRIBERS ONLY. EXISTING APSE SUBSCRIBERS PLEASE REFER TO LATEST NEWSLETTER. Healthcare — Full Analysis — The three confirmed recovery charts, ranked, with the special situation template applied — The 92% discount I will not touch, and the specific risk flags that disqualify it — The quality franchise to buy only after its weekly MACD stops falling — and how to time it — All eleven names with MACD reads, coverage, and verdicts Upgrade at sharescope.co.uk/alpeshpatel

TECH, SOFTWARE & AI INFRASTRUCTURE

Twelve technology names, anchored by Apple breaking out at all-time highs, and a sector that has grown up: the AI capex thesis is intact, but the charts now sort into extended leaders digesting large advances, one fresh breakout to new highs that the analyst tape has barely noticed, and two oversold recoveries where the weekly MACD has crossed up from deep negative territory — my preferred entry shape. One AI networking name that quintupled has cracked, and the full edition explains why I would rather miss the first bounce than catch the second leg down.

MORE AVAILABLE IN THE ALPESH PATEL SPECIAL EDITION NEWSLETTER – SUBSCRIBERS ONLY. EXISTING APSE SUBSCRIBERS PLEASE REFER TO LATEST NEWSLETTER. Tech & AI — Full Analysis — The fresh breakout that attracted 30 buy ratings in four weeks — and why crowding is now part of the risk — The two oversold recoveries with weekly MACD crosses — and which has the stronger monthly — The post-parabolic name to leave alone for now, however good the fundamentals — All eleven names with exact momentum readings and 12-month chart projections Upgrade at sharescope.co.uk/alpeshpatel

CONSUMER & RETAIL — THE GREAT BIFURCATION

Eighteen consumer names — the biggest block on the list — telling one story twice. Value retail and value dining are breaking out: a discount grocer recovering with the inflation tailwind, a casual-dining turnaround with 273% earnings growth resolving a year-long range, a jeweller at half of estimated fair value pressing a breakout. Premium discretionary is breaking down: a sportswear darling at a 52% discount whose chart keeps making new lows against fifteen bank buys. And July’s billion-dollar restaurant IPO now trades below its issue price, with a warning about who is publishing the buy notes.

MORE AVAILABLE IN THE ALPESH PATEL SPECIAL EDITION NEWSLETTER – SUBSCRIBERS ONLY. EXISTING APSE SUBSCRIBERS PLEASE REFER TO LATEST NEWSLETTER. Consumer & Retail — Full Analysis — The five trade-down winners with confirmed momentum, ranked by risk/reward — The premium name where fifteen bank buys have not stopped the downtrend — and my avoid logic — The broken IPO test: what the new listing must do before its buy ratings mean anything — All eighteen names with verdicts, coverage, and MACD reads Upgrade at sharescope.co.uk/alpeshpatel

TRANSPORT, DEFENCE & THE REST OF THE SCREEN

The remaining twenty names span freight carriers fighting the diesel squeeze, a defence sector where budgets rise while charts diverge — including a drone maker whose weekly MACD has just turned from deep oversold behind twenty-four bank buys — a professional information franchise at half of fair value making its first momentum turn after the AI-disruption derating, a regional bank quietly compounding into a hiking cycle, two water utilities carrying rare sell ratings most investors would never expect, and five Latin American and Chinese names including a steel breakout that a major bank has rated sell twice. The 10 November US-China deadline hangs over the last group.

MORE AVAILABLE IN THE ALPESH PATEL SPECIAL EDITION NEWSLETTER – SUBSCRIBERS ONLY. EXISTING APSE SUBSCRIBERS PLEASE REFER TO LATEST NEWSLETTER. The Rest of the Screen — Full Analysis — The oversold defence turn my special situation template has flagged — The information franchise at ~50% below fair value where the recovery has begun — Which household-name utility carries a bank sell rating — and why — The LatAm breakout the banks distrust, with both sides of the argument — Every remaining name with full coverage, verdicts, and momentum reads Upgrade at sharescope.co.uk/alpeshpatel

ALL 71 NAMES — DIRECTION AT A GLANCE

The complete screen with my directional read on each chart. The full write-up on every name — bank coverage, bull and bear cases, exact MACD readings on both timeframes, and 12-month chart projections — is available to Special Edition subscribers.

#	Company	Sector	Direction	Detail
MPC	Marathon Petroleum	Energy	Breakout ▲	Full analysis: APSE only 🔒
PSX	Phillips 66	Energy	Breakout ▲	Full analysis: APSE only 🔒
VLO	Valero Energy	Energy	Extended ▲	Full analysis: APSE only 🔒
DINO	HF Sinclair	Energy	Extended ▲	Full analysis: APSE only 🔒
ET	Energy Transfer	Energy	Breakout attempt ▲	Full analysis: APSE only 🔒
DAL	Delta Air Lines	Airlines	Stalled →	Full analysis: APSE only 🔒
UAL	United Airlines	Airlines	Stalled →	Full analysis: APSE only 🔒
LUV	Southwest Airlines	Airlines	Choppy →	Full analysis: APSE only 🔒
ALK	Alaska Air	Airlines	Turning ▲	Full analysis: APSE only 🔒
AAL	American Airlines	Airlines	Rangebound →	Full analysis: APSE only 🔒
JAZZ	Jazz Pharmaceuticals	Healthcare	Recovering ▲	Full analysis: APSE only 🔒
ONC	BeOne Medicines	Healthcare	Uptrend ▲	Full analysis: APSE only 🔒
TEVA	Teva Pharmaceutical	Healthcare	Uptrend ▲	Full analysis: APSE only 🔒
SYK	Stryker	Healthcare	Avoid ⚠	Full analysis: APSE only 🔒
LFST	LifeStance Health	Healthcare	Uptrend ▲	Full analysis: APSE only 🔒
CON	Concentra	Healthcare	Uptrend ▲	Full analysis: APSE only 🔒
PACS	PACS Group	Healthcare	Consolidating →	Full analysis: APSE only 🔒
IONS	Ionis Pharmaceuticals	Healthcare	Avoid ⚠	Full analysis: APSE only 🔒
RARE	Ultragenyx	Healthcare	Avoid ⚠	Full analysis: APSE only 🔒
VERA	Vera Therapeutics	Healthcare	Event-driven ⚠	Full analysis: APSE only 🔒
CLDX	Celldex Therapeutics	Healthcare	Uptrend ▲	Full analysis: APSE only 🔒
AAPL	Apple	Tech & AI	Breakout ▲	Full analysis: APSE only 🔒
AVGO	Broadcom	Tech & AI	Consolidating →	Full analysis: APSE only 🔒
CIEN	Ciena	Tech & AI	Correcting ▼	Full analysis: APSE only 🔒
SNOW	Snowflake	Tech & AI	Breakout ▲	Full analysis: APSE only 🔒
MANH	Manhattan Associates	Tech & AI	Recovering ▲	Full analysis: APSE only 🔒
ZS	Zscaler	Tech & AI	Recovering ▲	Full analysis: APSE only 🔒
JBL	Jabil	Tech & AI	Consolidating →	Full analysis: APSE only 🔒
ONTO	Onto Innovation	Tech & AI	Correcting ▼	Full analysis: APSE only 🔒
APH	Amphenol	Tech & AI	Consolidating →	Full analysis: APSE only 🔒
SAIL	SailPoint	Tech & AI	Uptrend ▲	Full analysis: APSE only 🔒
IOT	Samsara	Tech & AI	Recovering ▲	Full analysis: APSE only 🔒
HOOD	Robinhood	Tech & AI	Turning ▲	Full analysis: APSE only 🔒
DG	Dollar General	Consumer & Retail	Recovering ▲	Full analysis: APSE only 🔒
FIVE	Five Below	Consumer & Retail	Uptrend ▲	Full analysis: APSE only 🔒
VSCO	Victoria’s Secret	Consumer & Retail	Digesting →	Full analysis: APSE only 🔒
SIG	Signet Jewelers	Consumer & Retail	Breakout attempt ▲	Full analysis: APSE only 🔒
EAT	Brinker (Chili’s)	Consumer & Retail	Breakout ▲	Full analysis: APSE only 🔒
JMKE	Jersey Mike’s	Consumer & Retail	New listing ⚠	Full analysis: APSE only 🔒
ONON	On Holding	Consumer & Retail	Avoid ⚠	Full analysis: APSE only 🔒
DLTR	Dollar Tree	Consumer & Retail	Correcting ▼	Full analysis: APSE only 🔒
OLLI	Ollie’s Bargain Outlet	Consumer & Retail	Correcting ▼	Full analysis: APSE only 🔒
TBBB	BBB Foods	Consumer & Retail	Uptrend ▲	Full analysis: APSE only 🔒
CHWY	Chewy	Consumer & Retail	Basing →	Full analysis: APSE only 🔒
AEO	American Eagle	Consumer & Retail	Fading ▼	Full analysis: APSE only 🔒
ZGN	Ermenegildo Zegna	Consumer & Retail	Correcting ▼	Full analysis: APSE only 🔒
DOO	BRP	Consumer & Retail	Consolidating →	Full analysis: APSE only 🔒
PTON	Peloton	Consumer & Retail	Basing →	Full analysis: APSE only 🔒
CURV	Torrid Holdings	Consumer & Retail	Speculative ⚠	Full analysis: APSE only 🔒
TSN	Tyson Foods	Consumer & Retail	Drifting ▼	Full analysis: APSE only 🔒
BG	Bunge Global	Consumer & Retail	Consolidating →	Full analysis: APSE only 🔒
XPO	XPO	Transport & Logistics	Consolidating →	Full analysis: APSE only 🔒
SAIA	Saia	Transport & Logistics	Consolidating →	Full analysis: APSE only 🔒
FDX	FedEx	Transport & Logistics	Consolidating →	Full analysis: APSE only 🔒
AVAV	AeroVironment	Defence & Space	Turning ▲	Full analysis: APSE only 🔒
NOC	Northrop Grumman	Defence & Space	Correcting ▼	Full analysis: APSE only 🔒
YSS	York Space Systems	Defence & Space	Avoid ⚠	Full analysis: APSE only 🔒
CNM	Core & Main	Industrials	Avoid ⚠	Full analysis: APSE only 🔒
TRI	Thomson Reuters	Financials & Data	Turning ▲	Full analysis: APSE only 🔒
VRSK	Verisk Analytics	Financials & Data	Basing →	Full analysis: APSE only 🔒
UMBF	UMB Financial	Financials & Data	Uptrend ▲	Full analysis: APSE only 🔒
IRM	Iron Mountain	Financials & Data	Consolidating →	Full analysis: APSE only 🔒
FRT	Federal Realty	Financials & Data	Correcting ▼	Full analysis: APSE only 🔒
VINP	Vinci Compass	Financials & Data	Basing →	Full analysis: APSE only 🔒
WTRG	Essential Utilities	Defensives	Breakout attempt ▲	Full analysis: APSE only 🔒
AWK	American Water Works	Defensives	Rangebound →	Full analysis: APSE only 🔒
TX	Ternium	LatAm & EM	Breakout ▲	Full analysis: APSE only 🔒
UGP	Ultrapar	LatAm & EM	Uptrend ▲	Full analysis: APSE only 🔒
GGB	Gerdau	LatAm & EM	Uptrend ▲	Full analysis: APSE only 🔒
TEO	Telecom Argentina	LatAm & EM	Choppy →	Full analysis: APSE only 🔒
VIPS	Vipshop	LatAm & EM	Drifting ▼	Full analysis: APSE only 🔒

HOW TO USE SHARESCOPE ON THIS LIST

You do not need the full analysis to start working with this universe in ShareScope. A simple starting workflow:

• Pull up the monthly chart first — before reading any rating or fair value estimate. The monthly MACD is the climate, the weekly is the weather. When they conflict, the monthly wins.
• Add MACD (12,26,9) on both timeframes in ShareScope: above signal and rising means momentum supports the bank’s thesis right now. Below signal and falling means capital preservation first, whatever the discount.
• Run the quality check with the APSE Value/Growth filter — ROCE, earnings growth rate and cash conversion. A big fair value discount with failing quality metrics is usually a value trap, not a bargain.
• Respect the sell ratings: buys outnumber sells industry-wide by roughly four to one, so a sell rating carries information. Where this article flags dissenting sells (Ternium, Alaska Air, the utilities), do not override them casually.
• Size to the verdict colour: green verdicts can carry full positions. Amber deserves half-size or staged entries. Red means watchlist — the analysis tells you what would change my mind.
• Set price alerts rather than chasing: several of this month’s best charts (the refiners, Ciena, Victoria’s Secret) are extended. The alert catches the pullback; the chase catches the top.
• Double check and analyse for yourself always. Markets move fast, ratings change weekly, and several of these charts are moving daily. Nothing here replaces your own verification.

This month’s list is really one macro trade wearing 71 tickers: the price of turning crude into fuel. Know which side of that spread each stock sits on, and the whole screen falls into place. The full edition maps every name to it.

Want the Full Analysis on All 71 Stocks? Every name with bank coverage, bull and bear cases, exact weekly and monthly MACD readings, 12-month chart projections, my verdict, and the warning boxes on the stocks I would avoid — plus the sector warning statistic every refiner holder should see. sharescope.co.uk/alpeshpatel

Alpesh Patel OBE | @alpeshbp | www.alpeshpatel.com/sharescope

www.campaignforamillion.com | www.alpeshpatel.com/shares

This article is for informational and educational purposes only. It does not constitute personalised investment guidance, a financial promotion, or a recommendation to buy, sell, or hold any security. Bank analyst ratings are drawn from published research and change frequently; always check the latest data. Fair value estimates are third-party model outputs, not price targets. Chart projections are trend illustrations only. The value of investments can fall as well as rise and you may receive back less than you invest. All data as of the week ending 18 September 2026. Always conduct your own due diligence. Alpesh Patel OBE provides mentoring and education, not regulated financial guidance.

This article is for educational purposes only. It is not a recommendation to buy or sell shares or other investments. Do your own research before buying or selling any investment or seek professional financial advice.