Thursday's Sizzling Wall Street Analyst Stock Upgrades and Downgrades

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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.


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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.


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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.


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

Apple Inc. (NASDAQ: AAPL) 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.


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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.


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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.

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