4 Well-Known Blue Chips Top Tuesday’s Wall Street Analyst Upgrades and Downgrades

By Lee Jackson Published Jan 16, 8:55AM EST

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4 Well-Known Blue Chips Top Tuesday’s Wall Street Analyst Upgrades and Downgrades — © sanfel / iStock Editorial via Getty Images

Futures traded lower as we open yet another holiday-shortened trading week. The major indices closed mixed last Friday, with the Dow Jones industrials dropping over 100 points to finish at 37,592.98, while the S&P 500 closed at 4,783.83 and the Nasdaq at 14,972.76. With some mega-cap banks’ earnings out of the way, Wall Street will be bracing for an onslaught of results this week. While analysts and financial pundits are cautiously optimistic about the fourth-quarter prints, many are concerned that forward guidance could be very tepid and, in some cases, alarming.

Bonds

Two-year Treasuries traded about seven basis points higher Tuesday and 10-year notes traded about up by about six.

Treasury yields were lower across the board on Friday as ongoing issues in the Middle East combined with more robust economic numbers and surging inflation prints have many in the bond arena pushing expectations for interest rate cuts to the summer at the earliest.

The two-year paper closed Friday at 4.15%, while the benchmark 10-year note was last seen at 3.94%. While the inversions between the two are the tightest in months, some feel a recession later this year remains possible, including JPMorgan Chase CEO Jamie Dimon.

Commodities

Crude oil traded higher early Tuesday. Precious metals traded lower.

Brent and West Texas Intermediate crude closed trading Monday modestly lower, as gasoline prices at the pump have increased over the past two weeks. With the escalation of the war in the Middle East and with the Houthi rebels attacking container ships in the Red Sea, the worries about oil continue. Brent closed at $78.16, while WTI ended the session at $72.50. Natural gas closed down 6.25% at $3.10.

Gold finished slightly higher Monday as the same factor affecting oil has kept a solid bid under the bullion. The February contract closed the day at $2,058.60, up 0.33%. Bitcoin closed Monday at $42,792.20, up 2.62%, as excitement over the newly minted exchange-traded funds for the cryptocurrency has kept solid support in place. (These countries are buying up the world’s gold.)

Here are the top Wall Street analyst calls for Tuesday, January 16, 2024.

Upgrades

Dollar General (NYSE: DG | DG Price Prediction) from Equal-Weight to Overweight, and the price target increased from $130 to $160, at Morgan Stanley.

DocuSign Inc. (NASDAQ: DOCU) from Underweight to Equal-Weight at Morgan Stanley, which hiked its $49 price target to $64.

Home Depot Inc. (NYSE: HD) from Neutral to Overweight, with the price target increased from $311 to $400, at Piper Sandler.

NXP Semiconductors N.V. (NASDAQ: NXPI) at Barclays from Equal Weight to Overweight with the $200 price target lifted to $260.

Downgrades

Boeing Co. (NYSE: BA) from Overweight to Equal Weight and the price target cut from $280 to $225 at TD Cowen.

DuPont de Nemours Inc. (NYSE: DD) from Buy to Underperform at BofA Securities, though the price target was raised from $78 to $80.

Fortinet Inc. (NASDAQ: FTNT) at Wells Fargo from Overweight to Equal Weight, with the price target increased from $60 to $65.

Hewlett Packard Enterprise Co. (NYSE: HPE) from Outperform to Market Perform at Bernstein, which trimmed its price target from $20 to $17.

Other Calls

Analyst coverage initiated, resumed, or maintained.

Alcoa Corp. (NYSE: AA) was initiated with a Sell rating and price target of $29 at UBS.

Datadog Inc. (NASDAQ: DDOG) was initiated with an Outperform rating and price target of $140 at BMO Capital Markets.

Enphase Energy Inc. (NASDAQ: ENPH) was initiated with a Buy rating and price target of $142 at Canaccord Genuity.

Nucor Corp. (NYSE: NUE) was initiated with a Buy rating and price target of $210 at UBS.

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.