5 Red-Hot Stocks Top Friday’s Biggest Wall Street Upgrades and Downgrades

By Lee Jackson Published Dec 22, 8:40AM EST

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5 Red-Hot Stocks Top Friday’s Biggest Wall Street Upgrades and Downgrades — © seb_ra / iStock via Getty Images

The futures were trading slightly lower on Friday morning, as we prepare for the long Christmas holiday weekend. Markets will be closed for the big day on Monday. Thursday saw a bounceback across all the major indices after a wave of late unexplained selling Wednesday ended the market’s nine-day winning streak. Most analysts believe we could see more sales today and during next week’s holiday-shortened trading week as retail and institutional investors square up their books for 2023.

Treasury yields were mixed across the curve, as the shorter maturities saw some buying while the sellers focused on the long end, which ended with modest losses. Analysts cited the lowered third-quarter gross domestic product numbers and initial jobless claims continuing near record lows while continuing claims remaining at two-year highs as items bond traders are watching closely as we close in on 2024.

Brent and West Texas Intermediate crude finished the session slightly lower, as the Red Sea pirate issue started to cool off. Oil experts commented on the unusual fact that while the oil rig count has fallen 20% this year, it has not had any effect on the monthly increase in oil and gas production. Keeping output at current levels with less cost for producers should be a massive positive for the sector in 2024.

Natural gas was the enormous energy winner on Thursday, finishing the day up a robust 5.31% at $2.58, as traders added the commodity to portfolios as the year ended. Some solid demand forecasts have provided a tailwind over the past few days.

Gold also returned to its winning ways. The February contract for the bullion rose 0.40% to $2055.80. Bitcoin finished the session slightly at $43,750.90.

Here are the top Wall Street upgrades and downgrades for Friday, December 22, 2023.

Upgrades

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Today’s stock upgrades.

Analog Devices Inc. (NASDAQ: ADI | ADI Price Prediction) from Hold to Buy at Edward Jones, but no price target was given.

Lumentum Inc. (NASDAQ: LITE) from Hold to Buy at Craig Hallum, with no price target given.

Downgrades

Analyst downgrades.

Netflix Inc. (NASDAQ: NFLX) from Buy to Hold with a price target of $495 at DZ Bank.

Nike Inc. (NYSE: NKE) from Outperform to Market Perform at TD Cowen, and the $129 price target dropped to $104.

Paychex Inc. (NASDAQ: PAYX) from Outperform to Market Perform at TD Cowen, and price target was lowered from $132 to $123.

And More

Price target and other analyst changes.

Coinbase Global Inc.’s (NASDAQ: COIN) Buy rating was reiterated at JMP Securities and the price target rose from $107 to $200.

CVS Health Corp. (NYSE: CVS) was initiated at HSBC Securities with a Buy rating and a $94 price target.

Keurig Dr. Pepper Inc. (NASDAQ: KDP) was initiated at HSBC Securities with a Hold rating and price target of $37.

Micron Technology Inc.’s (NASDAQ: MU) Buy rating was reiterated and the $100 price target increased to $140 at Rosenblatt.

Walgreens Boots Alliance Inc. (NYSE: WBA) was initiated with a Hold rating and price target of $27 at HSBC Securities. (See five reasons to avoid Walgreens today.)

About the Author Lee Jackson →

Lee Jackson has covered Wall Street analysts' equity and debt research and equity strategy daily for 24/7 Wall St. since 2012. His broad and diverse career, which included a stint as the creative services director at the NBC affiliate in Austin, Texas, gives him unique insight into the financial industry and world.

Lee Jackson's journey in the financial industry spans over 30 years, with nearly two decades as an institutional equity salesperson at Bear Stearns, Lehman Brothers, and Morgan Stanley. His career was marked by his presence on the sell side during pivotal Wall Street events, from the dot.com rise and bubble to the Long Term Capital Management debacle, 9/11, and the Great Recession of 2008. This is a testament to his resilience and adaptability in the face of market volatility.

Lee Jackson’s practical financial industry experience, acquired from a career at some of the biggest banks and brokerage firms, is complemented by a lifetime of writing on various platforms. This unique combination allows him to shed light on the intricacies and workings of Wall Street in a way that only someone with deep insider experience and knowledge can. Moreover, his extensive network across Wall Street continues to provide direct access for him and 24/7 Wall St., a privilege few firms enjoy.

Since 2012, Jackson’s work for 24/7 Wall St. has been featured in Barron’s, Yahoo Finance, MarketWatch, Business Insider, TradingView, Real Money, The Street, Seeking Alpha, Benzinga, and other media outlets. He attended the prestigious Cranbrook Schools in Bloomfield Hills, Michigan, and has a degree in broadcasting from the Specs Howard School of Media Arts.