Buy/Sell: Wall Street’s top 10 stock calls this week

What has Wall Street been buzzing about this week? Here are the top 5 Buy calls and the top 5 Sell calls made by Wall Street’s best analysts during the week of July 21-25. 

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Top 5 Buy Calls:

1. Erste upgrades AMD to Buy on growth prospects 

Erste Group analyst Stephan Lingnau upgraded AMD (AMD) to Buy from Hold. The shares should move higher given the company’s good growth prospects, the analyst tells investors in a research note. The firm sees AMD benefiting from increasing demand for high-performance central processing units and graphic processing units in data centers.

2. Pinterest upgraded to Overweight at Morgan Stanley 

Morgan Stanley upgraded Pinterest (PINS) to Overweight from Equal Weight with a price target of $45, up from $37. The company’s investments will deliver monetization improvements and earnings power in the second half of 2025, the firm tells investors in a research note. Morgan Stanley’s advertising checks are constructive on Pinterest’s improving ad efficiency and performance-driven growth.

3. Dollar Tree upgraded to Overweight at Barclays 

Barclays upgraded Dollar Tree (DLTR) to Overweight from Equal Weight with a price target of $120, up from $95. The company is positioned to benefit from a trade down by consumes, which will accelerate in the second half of 2025, the firm tells investors in a research note. Barclays sees “self-help” sales and margin drivers for Dollar Tree as well as benefits from competitor closings.

4. Spotify upgraded to Outperform at Oppenheimer 

Oppenheimer upgraded Spotify (SPOT) to Outperform from Perform with an $800 price target. The firm cites the stock’s 14% pullback from the all-time high and the company’s “many tailwinds ahead” for the upgrade. Spotify has the largest monthly active user runway in the internet space and its free tier monetization and conversion benefits from Apple (AAPL) App Store changes are catalysts, Oppenheimer tells investors in a research note. The firm sees a significant opportunity for the company to monetize its advertising users.

5. Carvana upgraded to Outperform at Oppenheimer 

Oppenheimer upgraded Carvana (CVNA) to Outperform from Perform with a $450 price target. The firm views Carvana as a “unique, digitally-driven disruptor” in the “expansive and inefficient” domestic used car marketplace. The company’s business model is now generating meaningful cash, scaling, and capitalizing on improving demand trends, the firm tells investors in a research note. Oppenheimer says that while the shares have rebounded to all-time highs, investors still underappreciate Carvana’s near- and longer-term growth and profit potential.

Top 5 Sell Calls:

1. Netflix downgraded to Sell at Phillip Securities 

Phillip Securities analyst Helena Wang downgraded Netflix (NFLX) to Sell from Neutral with an unchanged price target of $950. The firm cites valuation for the downgrade following the recent share rally. The analyst cites Netflix’s “stretched valuation” and declining engagement per viewer for the downgrade to Sell. This may be a drag on the company’s advertising revenue amid high expectations, the firm tells investors in a research note.

2. Target downgraded to Underweight at Barclays 

Barclays downgraded Target (TGT) to Underweight from Equal Weight with an unchanged price target of $91. The firm says that absent a bigger strategic shift, the company’s sales will continue to underperform. Target’s comps have improved in Q2, but have continued to underperform in both consumables and general merchandise, Barclays tells investors in a research note. The firm’s work suggests trends are the weakest among the company’s more frequent shoppers.

3. Unity downgraded to Sell at BTIG 

BTIG downgraded Unity (U) to Sell from Neutral with a $25 price target ahead of the earnings report. The 40% month-to-date rally in the shares overstates Unity’s fundamental benefit from its advertising model upgrade, the firm tells investors in a research note. BTIG believes success for the company should be defined by its ability to recapture share in the gaming market and the evolution of the Create business.

4. Sarepta downgraded to Underweight at JPMorgan 

JPMorgan analyst Anupam Rama downgraded Sarepta (SRPT) to Underweight from Neutral without a price target, saying the shares are trading on investor sentiment and headlines instead of fundamentals. Nearly every headline this week related to Elevidys has had a negative skew, the analyst tells investors in a research note. JPMorgan believes the constant media headlines make it difficult to own Sarepta shares at this stage. It awaits communications from the FDA and Sarepta on the next steps.

Sarepta initiated with a Sell at Citi 

Citi initiated coverage of Sarepta with a Sell rating and $7 price target. The firm sees “substantial material forward risks” for Sarepta, including the potential withdrawal of Elevidys and possible additional liver-related fatalities with AAVrh74. While the shares are down 89% year-to-date, the stock is still pricing in future Elevidys sales and LGMD2E approval, Citi tells investors in a research note

BofA cuts Sarepta to Underperform on uncertain Elevidys future

BofA downgraded Sarepta to Underperform from Neutral with a price target of $10, down from $20, after the company agreed to pause shipments of their DMD gene therapy Elevidys at the request of the FDA. The firm thinks this could impact the Elevidys brand further, limiting uptake, as well seeing a renewed chance of Elevidys being removed from the U.S. market, so it removed Elevidys from its model for now, BofA tells investors.

Sarepta downgraded to Underperform at Needham 

Needham downgraded Sarepta to Underperform from Hold without a price target. The company late Friday reported receiving an informal request from the FDA to voluntarily halt shipments of Elevidys and that it denied this request, the firm tells investors in a research note. Needham believes this “showdown” between the FDA and Sarepta will likely result with the FDA taking formal action against Elevidys marketing. The firm is now concerned that Elevidys will likely be pulled off the market, creating challenges for Sarepta to meet its 2027 debt obligations of $1.15B.

5. Compass Point downgrades Circle Internet to Sell after stablecoin bill passes 

Compass Point downgraded Circle Internet (CRCL) to Sell from Neutral with a price target of $130, down from $205 after the U.S. stablecoin legislation passed last week. The firm still believes USDC can be an integral part of the financial system, though it is more cautious towards Circle’s long-term economics than its $53B valuation implies. Compass added that, in the coming months, it expects Circle to expand its distribution network while sharing a greater percent of interest income.