Street Calls of the Week

Wall Street analysts issued several key upgrades and initiations this week, signaling confidence across diverse sectors. BofA upgraded Doximity (DOCS) to Buy, anticipating revenue acceleration driven by shifts in pharmaceutical advertising strategies. Oppenheimer initiated TeraWulf (WULF) at Outperform, highlighting its strategic pivot to high-performance AI infrastructure amid surging demand. UBS upgraded Victoria's Secret (VSCO) to Buy, citing new leadership, expected comparable-sales growth, and strong EPS catalysts. HC Wainwright upgraded Coinbase (COIN) to Buy, betting on an anticipated late-year crypto price surge and regulatory tailwinds. Lastly, Needham upgraded Talkspace (TALK) to Buy, following robust Q3 results and projected strong growth in its payor segment.

Analysis

Wall Street analysts have issued multiple upgrades across diverse sectors, signaling a generally bullish outlook. BofA upgraded Doximity (DOCS) to Buy with an $82 price target, driven by anticipated revenue acceleration in CY26 as pharmaceutical advertising shifts towards healthcare providers following FDA changes. Similarly, UBS upgraded Victoria's Secret (VSCO) to Buy, citing new leadership, expected comparable-sales growth, and a projected 21% four-year EPS CAGR through FY29.

Oppenheimer initiated TeraWulf (WULF) at Outperform with a $20 price target, highlighting its strategic pivot from Bitcoin mining to high-performance AI infrastructure, capitalizing on an 18% annual datacenter growth forecast and a significant global supply shortfall. HC Wainwright upgraded Coinbase (COIN) to Buy with a $425 price target, anticipating a late-year crypto asset price surge fueled by institutional cash and regulatory tailwinds, including a potential market-structure bill by end-2025.

Needham upgraded Talkspace (TALK) to Buy with a $5 price target following robust Q3 results, projecting low-to-mid-20s revenue growth and 10%+ EBITDA margins, noting its current valuation at 1.5x FY26 revenues as a bargain. The firm expects significant growth in Talkspace's payor segment, driven by new national payors, increased utilization, and Medicare expansion.

Key Decisions for Investors

• Consider Doximity (DOCS) for exposure to evolving pharmaceutical ad spend, given BofA's confidence in revenue acceleration and a 37x CY26 EBITDA multiple.
• Evaluate TeraWulf (WULF) as a high-growth play in AI infrastructure, leveraging its strategic assets and capacity amidst significant market demand and a global supply deficit.
• Monitor Victoria's Secret (VSCO) for sustained comparable-sales growth and EPS expansion, as new leadership and operating leverage are expected to drive the stock towards UBS's $46 target.
• Assess Coinbase (COIN) for potential upside from a late-year crypto rally and favorable regulatory developments, especially if 3Q25 results confirm stronger subscription and services revenue.
• Review Talkspace (TALK) for value given its projected strong revenue and EBITDA growth in the payor segment, trading at a discount relative to health-tech peers.