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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 7-11.
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Top 5 Buy Calls:

1. Nvidia initiated with a Buy at Goldman Sachs 

Goldman Sachs initiated coverage of Nvidia (NVDA) with a Buy rating and $185 price target. The firm initiated the U.S. digital semiconductor and electronic design automation software group, saying it is most constructive on merchant silicon and EDA vendors tied to artificial intelligence related capital spending. The AI investment cycle is in a state of transition, but can sustain growth from current levels, the analyst tells investors in a research note.

2. HSBC upgrades AMD, doubles target on AI revenue upside

HSBC upgraded AMD (AMD) to Buy from Hold and doubled its price target on the shares $200, up from $100. The firm turned bullish as it believes AMD’s artificial intelligence graphics processing unit pipeline will surprise with higher-than-expected pricing premium for MI350. AMD has caught up to Nvidia’s (NVDA) Blackwell with MI350, HSBC tells investors in a research note. The firm thinks there could be “significant upside” to AMD’s fiscal 2026 AI revenue as its revised forecast of $15.1B is 57% above the consensus forecast of $9.6B, driven by a higher pricing premium of recently launched MI350 series. HSBC is also encouraged by AMD’s MI400 rack architecture to be launched in 202 but says it remains too early to be quantified.

3. Oppenheimer upgrades Microsoft to Outperform on AI opportunity

Oppenheimer upgraded Microsoft (MSFT) to Outperform from Perform with a $600 price target. The firm believes investors’ attention on the ramp of Microsoft’s AI revenue stream will only increase as Azure’s growth remains strong, offering not only valuation support but also upside potential as this revenue stream continues scaling fast and investors embrace Microsoft as one of the long-term AI winners in software. Oppenheimer further believes that sustaining robust growth in its AI business is not fully in the stock, nor is it a re-acceleration in Azure’s growth in FY26. Microsoft is also one of only a few vendors in the software industry capable of delivering a Rule of 60 business profile and at unprecedented scale, which the firm thinks lends good support to premium multiples.

4. Oracle upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Oracle (ORCL) to Overweight from Neutral with a price target of $270, up from $190. The firm’s latest chief investment officer survey reinforced a “bullish spending backdrop” for artificial intelligence infrastructure. For Oracle, increasing enterprise demand could “add another layer” of growth to the the company’s OpenAI-Stargate opportunity, the analyst tells investors in a research note. Piper upped fiscal 2027 estimates and the stock’s rating as a result.

5. Upgrade Roku upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc upgraded Roku (ROKU) to Overweight from Sector Weight with a $115 price target. The firm says the combination of a budget shift and the company’s advertising innovation is creating “multiyear tailwinds.” Roku’s partnership strategy can sustain Platform growth and drive faster EBITDA growth than consensus contemplates, the analyst tells investors in a research note. KeyBanc believes the company is benefiting from secular drivers and monetization initiatives. It believes Roku’s “clean exposure” to the connected TV industry provides a compelling risk/reward profile.

Top 5 Sell Calls:

1. Workday downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler downgraded Workday (WDAY) to Underweight from Neutral with a price target of $235, down from $255. The firm’s latest chief investment officer survey reinforced a “bullish spending backdrop” for artificial infrastructure and “elevating risks” to the broader application category. The number of CIOs expecting an AI drag on headcount surpassed 50% for the first time, Piper tells investors in a research note. The firm believes per employee pricing risk coupled along with “eroding appetite” to invest materially in applications could further pressure growth at Workday.

2. Datadog downgraded to Sell at Guggenheim on OpenAI optimization risk

Guggenheim downgraded Datadog (DDOG) to Sell from Neutral with a $105 price target, citing the risk of potential significant optimization by OpenAI, which the firm believes to be Datadog’s largest customer. Guggenheim believes that OpenAI’s observability software roadmap is shifting toward more cost efficient, in-house technologies and it contends that OpenAI may have already started to move off Datadog for log management onto its internally built solution, which the firm see being followed by the planned deprecation of other Datadog functions. Given this risk, the firm is modeling 17% growth for Datadog in Q4 in its “plausible scenario,” Guggenheim noted.

3. Downgrade T-Mobile downgraded to Underweight from Sector Weight at KeyBanc

KeyBanc downgraded T-Mobile (TMUS) to Underweight from Sector Weight with a $200 price target. The stock’s underperformance will continue as T-Mobile is “fiber deficient in a converged/bundled world,” the firm tells investors in a research note. KeyBanc believes the near-term competitive environment will limit upside to expectations for the company. It believes T-Mobile’s consumer value prop has deteriorated due to recent pricing actions, suggesting the company should take outsized share of the industry net additions. Further, T-Mobile will benefit the least among peers from tax changes in the Big Beautiful Bill, contends KeyBanc.

4. Downgrade Coinbase downgraded to Sell from Buy at H.C. Wainwright 

H.C. Wainwright double downgraded Coinbase (COIN) to Sell from Buy with a $300 price target. The firm cites valuation for the downgrade. It still views Coinbase as a “Best of Breed” crypto exchange and remains positive on the sector. However, the stock’s valuation has “outstripped near-term fundamentals” following the 150% rally since the April lows, Wainwright tells investors in a research note.

5. Circle initiated with an Underperform at Mizuho

Mizuho initiated coverage of Circle (CRCL) with an Underperform rating and $85 price target. The firm says it is bearish on the shares, seeing 25%-30% potential downside to the fiscal 2027 consensus revenue estimate of $4.5B. The consensus estimate does not fully account for the upcoming interest rate cuts, and also overstates the medium-term growth potential of Circle’s USDC stable coin, the analyst tells investors in a research note. Mizuho is also concerned about the company’s rising distribution costs.

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