Wall Street’s latest wave of research calls points to a subtle but meaningful shift in sentiment across e-commerce, telecom, and semiconductor stocks. After months of volatility driven by AI spending debates and valuation resets, analysts are selectively upgrading names where fundamentals appear to be stabilizing or improving. Among the most notable moves were rating upgrades on Shopify and eBay, signaling renewed confidence in parts of the digital commerce ecosystem.

While broad market performance remains sensitive to macro data and Federal Reserve policy signals, these research calls suggest stock-picking is once again taking precedence over blanket sector rotations.

E-Commerce Repositioning: Shopify and eBay

Goldman Sachs upgraded eBay to Neutral from Sell, raising its price target to $88 from $77 following stronger-than-expected fourth-quarter results. The firm highlighted investments aimed at repositioning eBay toward more “durable growth.” For years viewed as a legacy marketplace struggling against larger rivals, eBay’s operational improvements appear to be gaining credibility among analysts.

Phillip Securities upgraded Shopify to Buy, lifting its target to $160. The move was driven primarily by valuation following a recent pullback, combined with continued strong revenue growth and positioning in what the firm described as “agentic commerce.” Shopify’s ecosystem approach — integrating payments, logistics, and AI-enabled merchant tools — continues to resonate with analysts who see structural long-term upside. These upgrades come at a time when investors are reassessing e-commerce valuations after a period of multiple compression. The renewed optimism suggests select platforms may have reset to more attractive entry points.

Semiconductors and Telecom: Growth Leaders Stand Out

In semiconductors, Needham upgraded Analog Devices to Buy with a $400 price target after what it called “strong” quarterly results and guidance meaningfully above expectations. The upgrade underscores improving demand visibility in parts of the analog chip market, even as broader semiconductor sentiment remains tied to AI infrastructure cycles.

Telecom stocks also saw bullish calls. Daiwa upgraded T-Mobile to Outperform and Verizon to Buy, citing strong postpaid net additions and capital markets positioning. Verizon’s 616,000 postpaid phone net additions marked its best quarterly performance since 2019, suggesting competitive momentum in a mature industry. The telecom upgrades indicate that defensive cash-flow names may regain favor as investors balance growth exposure with stability amid macro uncertainty.

Downgrades Reflect Execution and Valuation Risks

Not all calls were positive. Fiverr was downgraded to Neutral by multiple firms after reporting a “miss and lower” quarter, reflecting persistent challenges in gig economy demand. Polestar and Cheesecake Factory also faced downgrades tied to delivery concerns and slowing same-store sales, respectively.

The divergence between upgrades and downgrades highlights a market increasingly driven by execution quality rather than thematic narratives alone. Analysts appear less tolerant of earnings disappointments in a higher-rate environment where capital discipline matters more.

Looking ahead, investors will be watching whether these upgrades translate into sustained performance. With earnings season still unfolding and macro data influencing rate expectations, stock-specific catalysts may continue to dominate trading decisions in both U.S. and global markets.