Friday’s Hottest Wall Street Stock Analyst Upgrades and Downgrades

By Lee Jackson Published Jan 19, 9:00AM EST

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Friday’s Hottest Wall Street Stock Analyst Upgrades and Downgrades — © Getty Images

Futures were trading higher Friday as we finish the holiday-shortened trading week after an intense turnaround day on Wall Street. All the major indices ended the day higher, with the tech-heavy Nasdaq leading the way, closing up 1.35% at 15,055.65. The S&P 500 was last seen up 0.88% at 4,780.94, and the Dow Jones industrials added 0.54% to finish at 37,468.61. Strong results from semiconductor companies and a big move higher from Apple Inc. (NASDAQ: AAPL | AAPL Price Prediction) triggered the solid day.

Bonds

Two-year and 10-year U.S. Treasuries traded essentially flat Friday morning.

Treasury yields continued to trade higher, with the longer maturities again catching some selling. The continued chatter about interest rate cuts being moved out as late as the fall was again a headwind for the government debt. The 10-year note closed at 4.14%, while the two-year shorter paper was last seen at 4.35%.

Commodities

Natural gas futures are down more than 20% year over year.

Brent and West Texas Intermediate crude also surged higher after a tough week, and the song remains the same for the energy complex as ongoing issues in the Red Sea and an expansion of the Middle East war keep traders on edge. Brent closed 1.45% at $79.01, while WTI saw a 2.07% jump to finish at $74.06. Natural gas was hammered again, closing down 5.5% at $2.71.

Gold rallied Thursday after a difficult week as well. The February contract closed the session at $2,040.30, up 0.80%. The same issues helping oil jump higher also lifted gold on Thursday. The day Bitcoin was the big loser, closing down 4.19% at $40,945.40. Traders cited profit-taking after a big run recently. (Check out the biggest celebrity cryptocurrency losers.)

Here are the top Wall Street upgrades and downgrades for Friday, January 19, 2024.

Upgrades

Friday’s hottest analyst upgrades.

AT&T Inc. (NYSE: T) from Perform to Outperform with a price target of $21 at Oppenheimer.

Crown Castle Inc. (NYSE: CCI) from Underperform to Market Perform, and the price target increased from $107 to $110, at BMO Capital Markets.

DraftKings Inc. (NASDAQ: DKNG) from Hold to Buy with the $40 price target increased to $45 at Stifel.

International Business Machines Corp. (NASDAQ: IBM) from In-Line to Outperform at Evercore ISI, which hiked its $165 price target to $200.

Texas Instruments Inc. (NASDAQ: TXN) at UBS from Neutral to Buy, with the price target increased from $170 to $195.

Downgrades

Top stocks hit with analyst downgrades Friday.

Blackstone Inc. (NYSE: BX) from Buy to Neutral but the $116 price target increased to $124 at Citigroup.

Chegg Inc. (NYSE: CHGG) from Neutral to Sell and the $10 price target cut to $8 at Goldman Sachs.

Discover Financial Services (NYSE: DFS) from Buy to Hold at HSBC Securities, which lowered its price target from $121 to $107.

DraftKings Inc. (NASDAQ: DKNG) from Neutral to Underperform with a price target of $28 at Exane BNP Paribas.

Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC) from Equal Weight to Underweight at Barclays. No price target was given.

Other Calls

Other analyst ratings changes posted on Friday.

Broadcom Inc. (NASDAQ: AVGO) coverage resumed with a Buy rating and a $1,325 price target at Goldman Sachs.

Builders FirstSource Inc. (NYSE: BLDR) coverage initiated with an Outperform rating and a price target of $220 at Oppenheimer.

Shoals Technologies Group Inc. (NASDAQ: SHLS) initiated with a Buy rating and a $20 price target at Janney.

Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) reiterated at Needham with a Buy rating but the price target increased from $115 to $133.

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.