4 Red-Hot Stocks Top Wednesday’s Biggest Wall Street Upgrades and Downgrades

By Lee Jackson Published Jan 3, 8:45AM EST

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4 Red-Hot Stocks Top Wednesday’s Biggest Wall Street Upgrades and Downgrades — © adamdodd / iStock Editorial via Getty Images

What a difference a year makes, even if it’s just a few trading days. Investors opened up 2024 with selling almost across the board. Two of the three major indices finished lower in what will be another holiday-shortened trading week. The Nasdaq was the big loser Tuesday, dropping 1.6% for its worst day since October to close the session at 14,765.94. Barclay’s downgrade of Apple Inc. (NASDAQ: AAPL | AAPL Price Prediction) sent the shares tumbling almost 4%, as the firm cited weakening iPhone 15 sales as a potentially ominous sign for the iPhone 16 and overall hardware assumptions.

Bonds

U.S. Treasuries traded higher again Wednesday morning.

Treasury yields also contributed to the sour mood across Wall Street as yields soared across the curve, especially on the longer maturities. The benchmark 10-year note took one of the biggest hits Tuesday, with the yield climbing eight basis points to finish at 3.94%; the shorter two-year paper closed at 4.32%. While the inversion between the two has narrowed, history says that it still signals the potential for a recession.

Commodities

Crude traded higher Wednesday morning, while gold, silver and copper were lower.

Brent and West Texas Intermediate crude both started the year lower even though the cargo has been starting to move again through the Red Sea. Both benchmarks initially surged higher on the day. Analysts cited the possibility of China increasing purchases in the energy complex as a positive as well. Brent was last seen at $76.01, while WTI closed at $70.52. Natural gas closed up over 2% at $2.57.

After some early session buying, the February gold contract closed modestly lower at $2,067.50. The dollar index and lower crude price put a kibosh on the buying by noon. Bitcoin has another big day, closing up 1.37% at $44,827.70. The hopes for a Bitcoin exchange-traded fund have been the wind in the cryptocurrency sales since mid-October.

Here are the top Wall Street upgrades and downgrades for Wednesday, January 3, 2024.

Upgrades

Two financial giants got the nod on Wednesday morning.

American Express Inc. (NYSE: AXP) from Underweight to Overweight, with the $148 price target increased to $193, at Stephens.

Citigroup Inc. (NYSE: C) from Peer Perform to Outperform with a price target of $58 at Wolfe Research.

GSK PLC (NYSE: GSK) from Hold to Buy with a price target of $48 at Jefferies.

Moderna Inc. (NASDAQ: MRNA) from Perform to Outperform with a price target of $142 at Oppenheimer.

Downgrades

AstraZeneca PLC (NASDAQ: AZN) from Buy to Hold, and the price target reduced from $78.50 to $70, at Jefferies.

Blackstone Inc. (NYSE: BX) from Buy to Neutral at Goldman Sachs, though it raised its $115 price target to $128.

Occidental Petroleum Corp. (NYSE: OXY) from Buy to Neutral with a price target of $63 at Mizuho.

Other Calls

Amazon.com Inc. (NASDAQ: AMZN) was resumed with a Buy rating and a price target increase from $157 to $195 at D.A. Davidson.

Apple Inc. (NASDAQ: AAPL) was resumed with a Neutral rating and a price target of $166 at D.A. Davidson.

Li Auto Inc. (NASDAQ: LI) was initiated with a Buy rating at Goldman Sachs; no price target was given.

Nio Inc. (NYSE: NIO) initiated with a Neutral rating at Goldman Sachs, with no price target given.

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.