Stocks hit all-time highs heading into and after the signing of the phase-one U.S./China trade pact. The market indexes were up again on Thursday morning, with the Dow Jones industrials indicated above 29,100 and the S&P 500 above 3,300. While the indexes remain overbought and while some stocks seem already ahead of themselves in just the first two weeks of 2020, many investors still have not made portfolio changes during and after a very strong market in 2019.

There are many market risks, concerns and headlines that may come with worry, but global growth may see a rekindled strength this year, while interest rates are expected to remain stable. This is also an election year in which much is at stake, and strategists are by and large calling for single-digit percentage gains in 2020.

24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new ideas for traders and long-term investors alike. Some of the daily analyst calls cover stocks to buy, while some calls cover stocks to sell or to avoid.

We have provided these analyst calls in a quick-hit summary for easy reading, and additional comments and trading data have been added on many calls. The consensus analyst price targets and other valuation metrics are from the Refinitiv sell-side research service.

Our 2020 Bull/Bear Outlook sees the Dow rising by about 7.4% to 30,650 this year, but there are outliers that could help the Dow rise by over 10% after a very strong 2019. The upside scenario puts Dow 32,000 easily within reach if only a few things go right this year.

These are the top analyst upgrades, downgrades and initiations from Thursday, January 16, 2020.

Alamos Gold Inc. (NYSE: AGI) was downgraded to Neutral from Outperform and the target price was lowered to $7.50 from $10.00 (versus a $5.76 prior close) at Credit Suisse. The consensus target price was $9.01 ahead of this call.

Avangrid Inc. (NYSE: AGR) was downgraded to Sell from Neutral with a $49 target price (versus a $51.03 close) at Goldman Sachs. It had a $50.06 consensus target price.

Barrick Gold Corp. (NYSE: ABX) was raised to Outperform from Neutral with a $22 target price (versus a $17.90 close) at Credit Suisse. The stock had a prior $20.64 consensus target price, and the 52-week trading range is $11.52 to $20.07.

BlackRock Inc. (NYSE: BLK), which just made a major commitment to ESG and sustainable investing, rose 2.3% to $530.26 after earnings and as assets under management reached $7 trillion. Citigroup reiterated its Buy rating and raised the target price to $600 from $580.

Columbia Sportswear Co. (NASDAQ: COLM) was maintained as Outperform at Wedbush Securities, but the firm cut its target price to $112 from $126 (versus a $96.89 close) and removed the apparel maker from the Best Ideas List ahead of its earnings results, which are due on February 6.

Comcast Corp. (NASDAQ: CMCSA) was reiterated as Overweight and the target price was raised to $51 from $50 (versus a $46.28 close) at Wells Fargo.

Digital Realty Trust Inc. (NYSE: DLR) was raised to Buy from Hold and its target price was raised to $141 from $132 (versus a $120.99 close) at Jefferies. The data center-operating REIT was indicated up 1.6% at $123.00 on Thursday, and its consensus target price was $134.12 ahead of the call.

Diplomat Pharmacy Inc. (NYSE: DPLO) was downgraded to Underperform from Neutral with a $4 target price (versus a $4.01 close) at Credit Suisse. The 52-week range is $2.53 to $14.53.

Easterly Government Properties Inc. (NYSE: DEA) was downgraded to Hold from Buy at SunTrust Robinson Humphrey.

Eversource Energy (NYSE: ES) was downgraded to Neutral from Buy with an $87 target price (versus an $87.32 close) at Goldman Sachs. It has a 52-week range of $66.52 to $87.73 and a consensus target price of $85.57.

GlaxoSmithKline PLC (NYSE: GSK) was downgraded to Underweight from Equal Weight at Barclays.

IHS Markit Ltd. (NYSE: IHS) was raised to Buy from Hold with a $90 target price (versus a $79.35 close) at Argus. It has an $83.13 consensus target and a 52-week trading range of $50.47 to $79.96.

Maxim Integrated Products Inc. (NASDAQ: MXIM) was downgraded to Underweight from Equal Weight with a $60 target price (versus a $61.45 close) at Barclays.

Michaels Companies Inc. (NYSE: MIK) was downgraded to Sell from Neutral and the target price was lowered to $6.50 to $7.00 (versus $6.99 prior close, after a 3.4% drop) at Goldman Sachs. Shares have traded in a 52-week range of $4.96 to $16.26 and have a $7.50 consensus target price.

Microsoft Corp. (NASDAQ: MSFT) was reiterated as Overweight and the target price was raised to $185 from $180 (versus a $163.18 close) at Wells Fargo.

NextEra Energy Inc. (NYSE: NEE) was downgraded to Neutral from Buy with a $256 target price (versus a $251.58 close) at Goldman Sachs. The utility downgrade was a valuation call, now that it has a $123 billion market cap and is effectively at its consensus target price.

Pan American Silver Corp. (NASDAQ: PAAS) was downgraded to Underperform from Neutral at Merrill Lynch.

Ping Identity Holding Corp. (NYSE: PING) was reiterated as Overweight and the target price was raised to $32.50 from $22.50 (versus a $27.04 close) at Wells Fargo.

Purple Innovation Inc. (NASDAQ: PRPL) was reiterated as Outperform and the target price was raised to $13 from $11 at Raymond James. The stock closed up 5.3% at $11.27 ahead of the call, and it had a consensus target price of $12.50.

Salesforce.com Inc. (NYSE: CRM) was reiterated as Overweight and the target price was raised to $216 from $185 (versus a $181.06 close) at Wells Fargo.

Shopify Inc. (NYSE: SHOP) was started as Hold with a $420 target price (versus a $448.51 close) at Loop Capital. The consensus target price was $377.72 ahead of the call, and its 52-week range is $154.10 to $453.00.

Splunk Inc. (NASDAQ: SPLK) was reiterated as Overweight and the target price was raised to $200 from $175 (versus a $156.02 close) at Wells Fargo.

Stemline Therapeutics Inc. (NASDAQ: STML) was maintained as Outperform but the target price was lowered to $14 from $17 (versus a $6.84 close) at Wedbush , with the firm noting that the target price decrease was over a deceleration of its Eloznris launch.

3D Systems Corp. (NYSE: DDD) was downgraded to Sell from Hold with a $9 target price (versus an $11.90 close, after a 2.6% gain) at Loop Capital. The consensus target price is $9.58, and the 52-week trading range is $6.47 to $14.50.

Tesla Inc. (NASDAQ: TSLA) was downgraded to Underweight from Equal Weight but the target price was raised to $350 from $250 at Morgan Stanley, with the firm noting the run-up has been unsustainable and that it has risks to its China business in the long run.

UnitedHealth Group Inc. (NYSE: UNH) rose 2.8% to $296.41 on Wednesday after earnings. Citigroup reiterated it as Buy and raised the target price to $346 from $286.

Xilinx Inc. (NASDAQ: XLNX) was downgraded to Neutral from Buy and the target price was lowered to $106 from $115 at Mizuho. After closing at $98.83, it is down from a 52-week high of $141.60 while most other chip stocks are up at or near all-time highs.

Goldman Sachs says that clean energy stocks could have some very solid follow-through for 2020, and four companies remain the top picks at the firm for big potential upside.

Wednesday’s top analyst upgrades and downgrades included American Electric Power, Beyond Meat, ConocoPhillips, Delta Air, JPMorgan, First Solar, Luckin Coffee, Peloton, PG& E, Qualcomm, Redfin, Zynga and many more.

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