2 Red-Hot Stocks Highlight Wednesday’s Top Wall Street Upgrades and Downgrades

By Lee Jackson Updated Dec 27, 12:29PM EST · Published Dec 27, 9:15AM EST

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2 Red-Hot Stocks Highlight Wednesday’s Top Wall Street Upgrades and Downgrades — © MicroStockHub / iStock via Getty Images

Equity futures were trading mixed after a solid Tuesday kicked off the last trading week for 2023. All major indices finished the day higher, with the Nasdaq leading the way up 0.54% to close at a record high of 15,074.57. The S&P 500 closed on the heels of the Nasdaq, finishing the day at 4796.56, less than 1% from an all-time high. Solid portfolio window dressing for the end of the year and the quarter was cited as the strength. While investors have cheered the massive rally that started after Halloween, many are bracing for what could be a rough January.

Bonds

Treasury yields were mixed across the curve, with buyers grabbing some of the longer-dated debt while sellers pushed the 2-5-year maturities modestly lower. The benchmark 10-year note closed at 3.90%, while the two-year paper was last seen at 4.35%. The inversion looks to stay in place as we finish 2023, which still signals the potential for recession next year.

Commodities

Brent and West Texas Intermediate crude sparkled to start the week as new Red Sea concerns over transport shipping for the black gold produced a strong tailwind for both indices. Brent closed at $80.77, up 2.15%, while WTI finished the session at $75.28, a gain of 2.34%. Natural gas was the loser in the space, closing at $2.57, down 1.69%.

Gold started the week positively as the February futures contract finished the day up 0.44% at $2,078.20 as the bullion also closed in on yet another all-time high. Ongoing geopolitical concerns in the Middle East, end-of-the-year portfolio buying, and more sector positives were behind the move higher. Bitcoin was hammered down 2.84% to close at $42,350.10. This was likely profit-taking after a huge move higher over the last six weeks.

Here are the top Wall Street upgrades and downgrades for Wednesday, December 27, 2023.

Upgrades

Oncology firm Fusion Pharma gets an upgrade.

Fusion Pharmaceuticals Inc. (NASDAQ: FUSN) from Outperform to Strong Buy with a price target boost from $12 to $15 at Raymond James.

Outlook Therapeutics Inc. (NASDAQ: OTLK) from Equal Weight to Overweight with a price target of $5 at CapitalOne. (Pharmacists want you to know these 20 things.)

Other Analyst Calls

RV maker Winnebago gets a price target bump.

Expedia Group Inc. (NASDAQ: EXPE | EXPE Price Prediction) has a Buy rating reiterated at BTIG Research, with a price target increase from $150 to $175.

PMV Pharmaceuticals Inc. (NASDAQ: PMVP) initiated with a Buy rating and a $7 price target at Ladenburg Thalmann.

Winnebago Industries Inc. (NYSE: WGO) has a Neutral rating reiterated at D.A. Davidson, with a price target increase from $60 to $64.

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.