Ride-Sharing Stocks Highlight Friday’s Top Wall Street Upgrades and Downgrades

By Lee Jackson Published Dec 29, 8:45AM EST

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Ride-Sharing Stocks Highlight Friday’s Top Wall Street Upgrades and Downgrades — © 5./15 WEST / iStock Unreleased via Getty Images

This marks the final trading day for 2023. While the major indices barely closed mixed Thursday, with the Nasdaq closing just modestly lower, the Santa Claus rally has been strong this year. With the Dow Jones industrials and Nasdaq notching all-time highs, and the S&P 500 just below the January 2022 record, stock investors have lots to celebrate as we prepare to start 2024 trading next Tuesday.

Bonds

Profit-taking sent bond prices lower on Thursday.

Sellers came in Thursday as yields across the Treasury bond curve ended the day higher as profit-taking and end-of-the-year portfolio shuffling appeared evident. With the 10-year note falling from a 5% yield in late October to Thursday’s 3.84 close, you can bet the fast money was saying goodbye. While pundits have laughed off the recession predictions, 2024 may be a different story, and the 2-10-year inversion suggests that it is still possible.

Commodities

Crude prices reach a two-week low as calm returns to the Red Sea.

Brent and West Texas Intermediate crude both closed lower Thursday after the fears over Red Sea shipping lanes being closed continued to diminish after U.S. forces downed a stunning 17 Houthi drones in the region. The military pushback against attacks on shipping vessels was cited for the decline, along with end-of-the-year positioning for the sector. Natural gas was the sole big winner in the industry, closing up 4.2% at $2.54.

Gold finally took a break after a relentless move higher over the past few weeks. It finished the session with the February futures contract down 0.77% at $2,076.90. Analysts cited the rally in the bullion and end of the year profit taking as the biggest reason for the Thursday slump. Bitcoin continued its roller-coaster run, closing down 2.2% at $42,507.30. (These are the biggest celebrity cryptocurrency losers.)

Here are the top Wall Street ratings and price target moves for December 29, 2023. There were no upgrades reported Friday morning.

Downgrades

Ride-sharing stocks take a hit.

Lyft Inc. (NASDAQ: LYFT | LYFT Price Prediction) from Neutral to Reduce at Nomura, though the price target increased from $11.70 to $13.

Uber Technologies Inc. (NYSE: UBER) from Buy to Neutral with a price target increase from $59 to $62 at Nomura.

Other Analyst Calls

ConocoPhillips price target cut but remains a Strong Buy.

ConocoPhillips (NYSE: COP) maintained with a Strong Buy rating but its price target cut from $146 to $140 at Raymond James.

Equifax Inc. (NYSE: EFX) maintained with a Neutral rating and price target of $122 at Goldman Sachs.

Expedia Group Inc. (NASDAQ: EXPE) reiterated as a Buy, with a price target increase from $133 to $168, at Ascendiant Capital.

Natera Inc. (NASDAQ: NTRA) reiterated as a Buy with a price target increase from $75 to $85 at BTIG.

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.