Recent analyst actions have highlighted shifts in sentiment for companies like Advanced Micro Devices (AMD) and Shopify (SHOP), with both receiving upgrades due to strategic advancements and growth projections. Conversely, analyst downgrades for ASML Holding (ASML) and State Street (STT) reflect valuation concerns and potential headwinds in their respective markets.
Upgrades
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Advanced Micro Devices (AMD): Upgrade to Buy by Semiconductor Analyst. The analyst cites major AI contracts with Oracle and OpenAI as validation of AMD’s GPU technology and future revenue potential, alongside strong performance in Q3 2025.
“The AI hype, combined with a stronger reception of AMD’s roadmap, has driven the stock to new highs. Now, with actual contracts being signed involving AMD products, I believe GPU growth looks more tangible, and I’m upgrading the stock to a Buy rating, taking advantage of the negative reaction following the latest earnings release.”
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Shopify (SHOP): Upgrade to Hold by The Asian Investor. Despite a current premium valuation, the analyst notes Shopify’s strong Q3 results and strategic focus on AI initiatives as potential for future growth acceleration.
“Shopify is growing its core business at double-digit rates, and the e-Commerce platform benefited from strong growth in gross merchandise volume, which is a key performance metric for e-Commerce enterprises.”
Downgrades
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ASML Holding (ASML): Downgrade to Hold by Millennial Dividends. Elevated valuation and geopolitical risks contribute to a less attractive risk/reward scenario despite strong industry positioning.
“ASML remains a durable business to own in one’s portfolio, but the geopolitical risk hasn’t evaporated. And if we add the valuations… the risk/reward isn’t as attractive anymore.”
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State Street (STT): Downgrade to Hold by Mark Dockray. While strong financial markets have provided tailwinds, the analyst expresses concerns about mixed fee income trends and softer net interest income performance.
“My main concern would be that weaker financial markets would drive a reversal in the above-mentioned trends, leading to negative operating leverage, a lower return on tangible equity, and, with that, a fall in its P/TBV multiple toward its past average.”