3 Sizzling Stocks Top Thursday’s Biggest Wall Street Upgrades and Downgrades

By Lee Jackson Published Dec 28, 8:15AM EST

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3 Sizzling Stocks Top Thursday’s Biggest Wall Street Upgrades and Downgrades — © wellesenterprises / iStock Editorial via Getty Images

Stock futures traded mixed Thursday morning, as time was quickly running out for trading in 2023. The major indices closed higher yet again Wednesday, with the venerable Dow Jones industrials finishing up 0.30% at 37,656.52. With many on Wall Street still on an extended holiday, the volume has dropped daily and likely will for the rest of the week. The bullish narrative for rate cuts next year continues to provide a tailwind, but a sell-off could be coming our way in January as traders move capital gains into 2024.

Bonds

Bond prices plunged Wednesday.

Treasury yields plunged across the curve as buyers added the safe government debt before year-end. The most extensive buying was seen in the longer five-year to 30-year maturities, with the benchmark 10-year note closing the day down 10 basis points to yield 3.79%—a massive drop from the 5% handle the bond carried back in mid-October. As the inversion with the two-year paper widens again, recession remains possible in 2024.

Commodities

Gold touched an all-time high Wednesday.

Brent and West Texas Intermediate crude both closed lower by over 2%, after a solid rally in the two benchmarks that was ignited by militants attacking shipping boats and barges in the Red Sea. More companies have started to return to traversing the Red Sea after some military support has slowed the Houthi militants’ attacks on vessels. Brent closed at $79.44, while WTI finished the session at $73.91. Natural gas had a winning day up close to 3% at $2.62.

Gold printed an all-time high, as the February contract for the bullion closed up almost 1% at $2,089.80. Analysts cited the weakness in the U.S. dollar plus the ongoing war in the Middle East as two of the biggest reasons for the strength of the commodity. Bitcoin closed trading up 2% at $43,382.40. The cryptocurrency giant has risen a stunning 54% since mid-October.

Here are the top Wall Street upgrades, downgrades and other changes for Thursday, December 28, 2023.

Upgrades

Thursday’s stock upgrades.

WisdomTree Inc. (NYSE: WT) from Neutral to Buy with a price target of $9 at Northcoast.

Other Calls

Share Prices Of Consumer Companies Pushes Dow Jones Industrials Average Sharply Higher

Price target changes for Thursday.

LanzaTech Global Inc. (NASDAQ: LNZA) initiated with a Buy rating and price target of $10 at Janney.

Lightspeed Commerce Inc. (NYSE: LSPD) reiterated with a Buy rating and a price target increase from $20 to $24 at BTIG.

Microsoft Corp. (NASDAQ: MSFT | MSFT Price Prediction) reiterated with an Outperform rating and price target increased from $425 to $450 at Wedbush.

Netflix Inc. (NASDAQ: NFLX) reiterated with an Overweight rating and price target raised from $510 to $525 at KeyBanc. (Customers are abandoning these 25 brand.)

Spotify Inc. (NYSE: SPOT) initiated with an Outperform rating and a price target of $210 at CICC.

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.