Thursday’s Sizzling Wall Street Analyst Stock Upgrades and Downgrades

By Lee Jackson Published Jan 18, 8:25AM EST

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Thursday’s Sizzling Wall Street Analyst Stock Upgrades and Downgrades — © lcva2 / iStock Editorial via Getty Images

The major indices finished down for a second day in a row. The Nasdaq led the charge, closing at 14,855.62, down 0.60%. The S&P 500 was last seen at 4,7839.21, down 0.56%, while the venerable Dow Jones industrials fared better, closing at 37,266.67, down 0.25%. The same issues providing the tailwind for the selling remain in place; hopes for a quick cut in interest rates are fading fast, yields continue higher and the overbought status of all the indexes is calling out profit takers.

Bonds

U.S. Treasuries traded down by a few basis points Thursday morning.

The yields on Treasury debt surged again Wednesday as sellers stepped in across the curve. The 10-year note closed the day at 4.11%, and the two-year note was last seen at 4.36%. JPMorgan CEO Jamie Dimon noted Wednesday that he is very cautious about the U.S. economy over the next two years due to financial and geopolitical risks.

Commodities

Precious metals traded up slightly Thursday morning, while crude oil traded essentially flat.

Brent and West Texas Intermediate crude closed mixed, with Brent down modestly to finish at $78.02, while WTI closed higher by 0.52% at $72.78, as U.S. gasoline prices ended a two-week losing streak. Many across the energy complex still fear an expansion of the fighting in the Middle East and the potential for the conflict to spread. Despite record-setting low temperatures in many parts of the country, natural gas closed lower, down 1.03%, at $2.87.

Gold also was a loser on Wednesday. The February contract finished the session down over 1% at $2,008.40 and has fallen almost 3% this week. While there could be a degree of support for the bullion, going through the $2,000 level could trigger even more selling. Bitcoin closed down over 1% to finish Wednesday at $42,660.60.

Here are the top Wall Street analyst upgrades and downgrades for Thursday, January 18, 2024.

Upgrades

The world’s two most valuable companies both got upgrades Thursday morning.

Apple Inc. (NASDAQ: AAPL | AAPL Price Prediction) from Neutral to Buy with a $208 price target lifted to $225 at BofA Securities. (25 huge companies that Apple could buy right now with cash.)

Grab Holdings Ltd. (NASDAQ: GRAB) from Neutral to Overweight with a price target increase from $3.60 to $3.80 at J.P. Morgan.

Microchip Technology Inc. (NASDAQ: MCHP) from Peer Perform to Outperform with a price target of $105 at Wolfe Research.

Microsoft Corp. (NASDAQ: MSFT) at Exane BNP Paribas from Neutral to Outperform with a price target of $471.

Downgrades

Four popular stocks took downgrades Thursday morning.

Adobe Inc. (NASDAQ: ADBE) from Neutral to Underperform with a price target of $499 at Exane BNP Paribas.

Charles Schwab Corp. (NYSE: SCHW) from Outperform to Market Perform at Keefe Bruyette, which also cut its $75 price target to $70.

Shopify Inc. (NYSE: SHOP) from Neutral to Underperform at Exane BNP Paribas. No price target was given.

Spirit Airlines Inc. (NASDAQ: SAVE) from Neutral to Sell and the $13 price target lowered to $4 at Citigroup.

Initiations

Coverage of several data security stocks started by one investment firm.

CrowdStrike Holdings Inc. (NASDAQ: CRWD) with an Outperform rating and price target of $334 at Berstein.

Palo Alto Networks Inc. (NASDAQ: PANW) with an Outperform rating and price target of $402 at Bernstein.

SentinelOne Inc. (NYSE: S) with an Outperform rating and price target of $34 at Bernstein.

Zscaler Inc. (NASDAQ: ZS) with an Outperform rating and price target of $311 at Bernstein.

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.