Friday, July 24 closed the week with a fresh wave of analyst upgrades and initiations spanning data-center REITs, medtech, semi packaging, mining, and semi capital equipment. Q2 earnings continue in force this week with megacap tech and defense names on deck. The macro backdrop remains Chair Kevin Warsh's June 17 FOMC hold at 3.50%–3.75% and a CME FedWatch reading pricing roughly an 80% probability of zero rate cuts through year-end 2026. Five names drew fresh Buy signals for Monday, July 27.
Digital Realty Trust (DLR) — TD Cowen upgrades on "record demand strength"
Digital Realty Trust is one of the two largest publicly traded data-center REITs, operating more than 300 data centers across six continents and increasingly emphasizing hyperscale and enterprise-grade colocation capacity tied to AI training and inference workloads. On July 24, TD Cowen analyst Michael Elias upgraded the stock from Hold to Buy and lifted his target from $192 to $222, citing "record demand strength" and potential for further large signings in late 2026 and early 2027. The same day, JP Morgan's Richard Choe reiterated Overweight and lifted his target from $230 to $235.
Shares closed at $198.93 on July 24, up 10.92% after the upgrade, with a market cap of $71.2 billion and a trailing P/E of 44.60. Trailing EPS was $4.46 and the dividend yield is roughly 2%. The 52-week range is $146.23 to $208.14. The consensus rating is Buy, with 11 of 15 analysts bullish (73.3%), an average target of $213.60, a median of $220, a high of $250, and a low of $170.
Risks: Elevated valuation embeds strong execution assumptions on AI-driven leasing; hyperscaler bargaining power on renewal pricing remains meaningful; power availability and utility interconnection timelines can slow new capacity; and Barclays' Brendan Lynch holds Equal-Weight at $197, roughly at the current share price.
Edwards Lifesciences (EW) — Leerink upgrades on "slew of positive catalysts"
Edwards Lifesciences is a global leader in structural-heart medical devices, best known for the Sapien line of transcatheter aortic valve replacement (TAVR) devices, along with a growing portfolio in mitral and tricuspid interventions and critical-care monitoring. On July 24, Leerink Partners analyst Marie Thibault upgraded the stock from Market Perform to Outperform and lifted her target from $87 to $101 following quarterly results, saying she has "seen enough to justify" an upgrade. The call joins JP Morgan's Robbie Marcus at Overweight $105, raised from $100 the same day, and Piper Sandler's Adam Maeder at Overweight $101.
Shares traded at $82.63 midday July 24, down 1.42%, with a market cap of $47.6 billion and a trailing P/E of 30.60. Trailing EPS was $2.70 and the company pays no dividend. The 52-week range is $72.30 to $96.29. The consensus rating is Strong Buy, with 12 of 16 analysts bullish (75%), an average target of $101.38, a median of $102.50, a high of $110, and a low of $85.
Risks: TAVR volume growth has decelerated versus prior years as the addressable population saturates; competition from Medtronic and Abbott in transcatheter mitral programs is intensifying; the emerging Evoque tricuspid opportunity is still early in reimbursement build; and Baird's David Rescott holds Neutral at $87, cautious on TAVR growth durability.
Amkor Technology (AMKR) — UBS turns bullish on the Nvidia packaging partnership
Amkor Technology is one of the world's largest outsourced semi assembly and test (OSAT) providers, offering advanced packaging including 2.5D interposers and chip-on-wafer-on-substrate services required for HBM-integrated AI accelerators. On July 24, UBS analyst Randy Abrams upgraded the stock from Neutral to Buy, calling the $1.5 billion strategic partnership with Nvidia announced earlier this year a durable ramp opportunity supporting Amkor's advanced-packaging build-out. Recent Street calls include Needham's Charles Shi at Buy $90, the Street high, and JP Morgan's Peter Peng at Overweight $65.
Shares traded at $64.96 midday July 24, down 0.57%, with a market cap of $16.1 billion and a trailing P/E of 37.12. Trailing EPS was $1.75 and the dividend yield is roughly 1%. The 52-week range is $20.87 to $96.68, with shares roughly 33% below the cycle high. The consensus rating is Buy, with 3 of 7 analysts bullish (42.9%), an average target of $65.57, a median of $65, a high of $90, and a low of $40.
Risks: Advanced-packaging capacity depends on timely tool deliveries; TSMC in-house packaging remains a competitive constraint on OSAT margin capture; Amkor's mobile end-market concentration adds cyclical volatility; and Morgan Stanley's Joseph Moore holds Equal-Weight at $69, near the current share price.
Teck Resources (TECK) — Raymond James upgrades on energy-transition metals exposure
Teck Resources is a Canadian diversified miner focused on copper, zinc, and steelmaking coal, with expanding copper production at the QB2 project in Chile and the recently commissioned Highland Valley expansion in British Columbia. On July 24, Raymond James upgraded the stock from Market Perform to Outperform, saying it "sees accelerating growth" and calling Teck "good exposure to energy-transition metals with numerous internal growth options." The call joins Deutsche Bank's Liam Fitzpatrick at Buy $68 and Benchmark's Nathan Martin at Buy $67.
Shares traded at $60.22 midday July 24, up 0.61%, with a market cap of $29 billion and a trailing P/E of 20.07. Trailing EPS was $3 and the dividend yield is roughly 1%. The 52-week range is $30.98 to $71.25. The consensus rating is Buy, with 2 of 3 analysts bullish (66.7%), an average target of $60.33, a median of $67, a high of $68, and a low of $46.
Risks: Copper price cyclicality is the largest earnings driver and sensitive to Chinese construction demand; QB2 ramp costs and grade variability have historically surprised; zinc and steelmaking coal add commodity dispersion; and JP Morgan's Bill Peterson holds Neutral at $46, well below the current share price.
MKS Inc (MKSI) — BMO initiates the semi-equipment leader at Outperform
MKS Inc supplies subsystems to semi capital-equipment makers and process users, offering vacuum, gas-flow, plasma, and photonics systems used in advanced logic and memory fabs, plus an electronics-manufacturing solutions business. On July 24, BMO Capital initiated coverage at Outperform with a $453 price target. Recent Street calls include Cantor Fitzgerald's C.J. Muse at Overweight $600, the Street high, and Morgan Stanley's Joseph Moore at Overweight $442.
Shares traded at $329.18 midday July 24, down 4.67%, with a market cap of $22.2 billion and a trailing P/E of 38.86. Trailing EPS was $8.47 and the company pays no meaningful dividend. The 52-week range is $88.49 to $447.62. The consensus rating is Strong Buy, with 10 of 12 analysts bullish (83.3%), an average target of $378.92, a median of $362.50, a high of $600, and a low of $200.
Risks: WFE spending is inherently cyclical and highly sensitive to memory-fab utilization; the Atotech acquisition left leverage elevated; competition from Advanced Energy and Ichor pressures subsystem pricing; and Goldman Sachs' James Schneider holds Sell at $200.
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