Top 5 Buy Calls:

1. Shopify initiated with a Buy at Needham 

Needham initiated coverage of Shopify (SHOP) with a Buy rating and $135 price target. Shopify remains in just the mid-cycle of a durable growth opportunity, as consumer spending remains strong and the recent U.S. tax bill can spur near-term consumer spend that can positively impact Shopify's gross merchandise value, the firm tells investors in a research note.

2. Scotiabank starts Oracle with an Outperform amid "white heat of AI revolution" 

Scotiabank initiated coverage of Oracle (ORCL) with an Outperform rating and $300 price target. While the firm sees Oracle transitioning into "a new paradigm" and reinventing itself as the Tier-1 independent AI infrastructure provider, it thinks many investors are taking a "see it to believe it" approach in GPU-as-a-service. However, Scotiabank's work points to "the white heat of the AI revolution" driving Oracle Cloud Infrastructure to grow faster than company guidance in FY26, the firm tells investors.

3. BNP Paribas Exane upgrades Arm to Outperform on ASIC potential 

BNP Paribas Exane analyst David O'Connor upgraded Arm (ARM) to Outperform from Neutral with a price target of $210, up from $110. The firm estimates the application-specific integrated circuit alone could double ARM's EBIT by capturing only 7% of the addressable market. Despite the recent rally, "significant upside" remains in the shares as Arm's potential in ASIC is not being fully valued, the analyst tells investors in a research note.

4. Coinbase initiated with a Buy at Argus on promising growth runway, margins 

Argus analyst Kevin Heal initiated coverage of Coinbase (COIN) with a Buy rating and $400 price target. The company is the leading cryptocurrency trading platform that also provides services such as custodial solutions, analytics tools and risk management tools, and in May, the stock was included in the S&P 500, the analyst tells investors in a research note. Coinbase is also in the early stages of expanding into other crypto products as well, and while its valuations are "off the charts", its margins are higher than the peer group and its growth runway is promising, justifying the premium, Argus added.

5. Chipotle upgraded to Outperform at BMO Capital on better second half outlook 

BMO Capital upgraded Chipotle (CMG) to Outperform from Market Perform with a price target of $65, up from $56. The upgrade is "not about 2Q, and we expect another quarter of comp declines and margin compression," says the firm, which adds that such a result should be generally in line with consensus and "not a surprise to investors." However, BMO believes Chipotle is well positioned for accelerating comp growth and improving margins beginning in the second half of 2025.

Top 5 Sell Calls:

1. Starbucks downgraded to Underperform from Hold at Jefferies 

Jefferies analyst Andy Barish downgraded Starbucks (SBUX) to Underperform from Hold with an unchanged price target of $76. The stock has gotten ahead of "reasonable expectations for improving fundamentals," the analyst tells investors in a research note. The firm says its credit and debit card data, as well as foot traffic and app data, suggest downside to Q3 and Q4 U.S. compare sales estimates. Starbucks's "complex" people and operating issues could take a longer time than expected to make progress on, and the company's investments are weighing on earnings, contends Jefferies.

2. HSBC starts CoreWeave with Reduce rating, sees 77% share downside 

HSBC initiated coverage of CoreWeave (CRWV) with a Reduce rating and $32 price target, which implies 77% downside in the shares. While the company's graphics processing unit-focused cloud is purpose-built for artificial intelligence, GPU clouds are increasingly commoditized with relatively low returns, the firm tells investors in a research note. HSBC says CoreWeave's revenue comes mainly from hi-technology customers who use their own software, which "dilutes" the company's value proposition. The firm's earnings estimates for 2027 through 2030 are 45% below consensus as it expects "weak" free cash flow and high spending. 

3. Shake Shack downgraded to Underperform at Jefferies

Jefferies downgraded Shake Shack (SHAK) to Underperform from Hold with a price target of $120, up from $100. The firm says investor optimism around the company's near-term same-store sales recovery is more than reflected in the stock following the recent rally. While Shake Shack has tangible drivers, including menu innovation, that bring growth visibility, the promotional environment, high expectations and the stock's valuation warrant the downgrade, Jefferies tells investors in a research note.

4. Melius starts restaurants with Sells on McDonald's and Starbucks 

Melius Research rolled out coverage on 11 names in the restaurant group. The firm says restaurants are no longer competing just with each other, but with grocers and concipient stores for meal occasions. While the restaurant industry is structurally attractive, defending traffic share "is harder than ever," Melius tells investors in a research note. The firm favors companies with strong unit economics, disciplined growth and capital allocation, and long-term brand relevance. The firm put Sell ratings on McDonald's (MCD) and Starbucks (SBUX). Melius believes McDonald's U.S. value perception has eroded while competition for everyday occasions is intensifying. For Starbucks, the firm believes the company's pricing has outpaced the consumer experience and that its U.S. turnaround will take time.

5. Barclays downgrades Intapp to Underweight on estimate concerns 

Barclays downgraded Intapp (INTA) to Underweight from Equal Weight with a price target of $44, down from $60. The firm views consensus fiscal 2026 estimates as too high. It expects organic Intapp's recurring revenue growth to continue trending below 20% and ultimately into the teens next year. The company will phase out multi-year on-premises subscription contracts, which have higher upfront revenue, Barclays tells investors in a research note. The firm reduced fiscal 2026 below the consensus as a result and downgraded the shares.