As investors head into 2026 after a strong rally in U.S. equities, some Wall Street analysts are turning more cautious on pockets of the market they view as vulnerable. Last year marked a strong one for stock returns, despite a macroeconomic backdrop largely characterized by rising volatility amid escalating global tensions and a Federal Reserve rate cutting cycle. Stocks are already off to a strong start in 2026, despite ramping tariff tensions in recent days. In a Friday note to clients, JPMorgan surveyed its top-ranked U.S. equity analysts to identify their highest-conviction structural and tactical short ideas as they enter the first quarter. The table below highlights some of the stocks from JPMorgan’s list: One name was dating app Bumble , which analyst Cory Carpenter currently has an underweight rating on. Shares have plummeted 52% in the past year. “Bumble user engagement remains under pressure, with the company facing structural and company-specific headwinds. We expect revenue to be down in the double-digit %s and margins to compress in 2026,” the analyst wrote. Wall Street is largely neutral on the name, with 15 sell-side shops rating it as a hold. Just one analyst has assigned it a buy rating, while two have it at an underperform rating. Technology stock Fortinet , also ranked an underweight, was another name on the list. The cybersecurity solutions provider has plunged 16% in the past year. “We downgraded FTNT before the holidays to UW, as we think the company is at a competitive disadvantage compared to peers that have better recognition as platforms during a period of vendor consolidation,” wrote analyst Brian Essex. “We are now incrementally concerned about the company’s ability to maintain product growth and margins in an environment of accelerating memory demand.” Shares of Fortinet took a slight tumble last week, alongside the broader cybersecurity industry, after Reuters reported that Chinese authorities ordered domestic companies to stop using security software linked to the U.S. and Israel. Of the 43 analysts currently covering the name, 30 have assigned the stock a hold rating while 10 see it as a strong buy or buy. Just three analysts have assigned it an underperform rating. Shares of Aerospace and defense company Textron have surged 22% in the past 12 months. JPMorgan currently has a neutral rating on the name, citing expected pressure on the company’s aviation segment’s sales and margins thanks to a shortfall in fourth-quarter deliveries of its Cessna aircraft versus expectations. Separately, analyst Seth Seifman also expects a pull-forward in capital expenditures to support an acceleration in Textron’s MV-75 assault aircraft program to drag near-term free cash flow guidance lower. “We maintain our Neutral rating due to the fact that demand for business jets remains strong and the two items discussed above are timing issues; in particular, with respect to MV-75, the investment TXT is making now is likely to be a positive for the company over time,” he wrote. Analysts are divided on the stock, with seven rating it a strong buy or buy and 10 viewing it as a hold.
