SA analyst upgrades/downgrades: AMD, SHOP, STT, ASML

[Stock market trading, financial data graph chart, data visualization, Business arrow graph chart]
Rasi Bhadramani

Recent analyst actions have highlighted shifts in sentiment for companies like Advanced Micro Devices (AMD [https://seekingalpha.com/symbol/AMD]) and Shopify (SHOP [https://seekingalpha.com/symbol/SHOP]), with both receiving upgrades due to strategic advancements and growth projections. Conversely, analyst downgrades for ASML Holding (ASML [https://seekingalpha.com/symbol/ASML]) and State Street (STT [https://seekingalpha.com/symbol/STT]) reflect valuation concerns and potential headwinds in their respective markets.

UPGRADES

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ADVANCED MICRO DEVICES (AMD [https://seekingalpha.com/symbol/AMD]): Upgrade to Buy by Semiconductor Analyst [https://seekingalpha.com/article/4840572-amd-the-ai-story-is-finally-turning-into-numbers-rating-upgrade]. 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 [https://seekingalpha.com/symbol/SHOP]): Upgrade to Hold by The Asian Investor [https://seekingalpha.com/article/4840834-shopify-wait-for-a-larger-pullback]. 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 [https://seekingalpha.com/symbol/ASML]): Downgrade to Hold by Millennial Dividends [https://seekingalpha.com/article/4841025-asml-our-top-h2-2025-pick-rallied-40-percent-time-for-downgrade]. 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 [https://seekingalpha.com/symbol/STT]): Downgrade to Hold by Mark Dockray [https://seekingalpha.com/article/4840595-state-street-leaning-on-strong-financial-markets-downgrade]. 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.”_

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