S&P 500   5,062.56 (+1.62%)
DOW   38,883.30 (+0.70%)
QQQ   435.61 (+2.35%)
AAPL   182.97 (+0.36%)
MSFT   411.27 (+2.26%)
META   485.56 (+3.75%)
GOOGL   144.23 (+1.18%)
AMZN   172.54 (+2.34%)
TSLA   193.06 (-0.88%)
NVDA   777.30 (+15.20%)
NIO   5.74 (-3.85%)
AMD   180.03 (+9.58%)
BABA   75.54 (-0.05%)
T   16.62 (-2.24%)
F   12.21 (+0.58%)
MU   85.42 (+4.82%)
CGC   3.44 (+0.00%)
GE   151.22 (+1.44%)
DIS   108.01 (+0.32%)
AMC   4.54 (-0.66%)
PFE   27.23 (-1.59%)
PYPL   57.59 (+0.19%)
XOM   104.44 (-0.39%)
S&P 500   5,062.56 (+1.62%)
DOW   38,883.30 (+0.70%)
QQQ   435.61 (+2.35%)
AAPL   182.97 (+0.36%)
MSFT   411.27 (+2.26%)
META   485.56 (+3.75%)
GOOGL   144.23 (+1.18%)
AMZN   172.54 (+2.34%)
TSLA   193.06 (-0.88%)
NVDA   777.30 (+15.20%)
NIO   5.74 (-3.85%)
AMD   180.03 (+9.58%)
BABA   75.54 (-0.05%)
T   16.62 (-2.24%)
F   12.21 (+0.58%)
MU   85.42 (+4.82%)
CGC   3.44 (+0.00%)
GE   151.22 (+1.44%)
DIS   108.01 (+0.32%)
AMC   4.54 (-0.66%)
PFE   27.23 (-1.59%)
PYPL   57.59 (+0.19%)
XOM   104.44 (-0.39%)
S&P 500   5,062.56 (+1.62%)
DOW   38,883.30 (+0.70%)
QQQ   435.61 (+2.35%)
AAPL   182.97 (+0.36%)
MSFT   411.27 (+2.26%)
META   485.56 (+3.75%)
GOOGL   144.23 (+1.18%)
AMZN   172.54 (+2.34%)
TSLA   193.06 (-0.88%)
NVDA   777.30 (+15.20%)
NIO   5.74 (-3.85%)
AMD   180.03 (+9.58%)
BABA   75.54 (-0.05%)
T   16.62 (-2.24%)
F   12.21 (+0.58%)
MU   85.42 (+4.82%)
CGC   3.44 (+0.00%)
GE   151.22 (+1.44%)
DIS   108.01 (+0.32%)
AMC   4.54 (-0.66%)
PFE   27.23 (-1.59%)
PYPL   57.59 (+0.19%)
XOM   104.44 (-0.39%)
S&P 500   5,062.56 (+1.62%)
DOW   38,883.30 (+0.70%)
QQQ   435.61 (+2.35%)
AAPL   182.97 (+0.36%)
MSFT   411.27 (+2.26%)
META   485.56 (+3.75%)
GOOGL   144.23 (+1.18%)
AMZN   172.54 (+2.34%)
TSLA   193.06 (-0.88%)
NVDA   777.30 (+15.20%)
NIO   5.74 (-3.85%)
AMD   180.03 (+9.58%)
BABA   75.54 (-0.05%)
T   16.62 (-2.24%)
F   12.21 (+0.58%)
MU   85.42 (+4.82%)
CGC   3.44 (+0.00%)
GE   151.22 (+1.44%)
DIS   108.01 (+0.32%)
AMC   4.54 (-0.66%)
PFE   27.23 (-1.59%)
PYPL   57.59 (+0.19%)
XOM   104.44 (-0.39%)

The 4 most upgraded stocks in the first week of 2024

stocks upgraded 2024

Key Points

  • Uncertainty is high, but analysts maintain faith in these stocks. 
  • Boosted targets and upgrades point to rising share prices in the year's first half.
  • These are the four Most Upgraded stocks the first week of 2024.  
  • 5 stocks we like better than Chipotle Mexican Grill

The market action in the first week of the year has been gripping. Uncertainty is the only certainty, and that is more certain than ever. Inflation is cooling, and the FOMC is on track to cut rates, but a new question has arisen. The FOMC is on track to cut rates, but when it will happen is debatable. However, some stocks stand out despite the uncertainty. 

The way things look, the current interest rate environment will persist at least until mid-year and maybe longer if inflation doesn’t subside substantially. The risk between now and then is a recession. OPEC cutting its prices hints at slackening demand, which generally does not bode well for economic activity. 

Through all the turmoil, there are some rays of light. The analysts have been active, revising many targets as soon as the first morning of the new trading year. They have set a bullish tone for many of the market's most actively traded and widely held names. This is a look at the four Most Upgraded Stocks for the first week of 2024. 

Lululemon Athletica is a nice fit for analysts

Lululemon Athletica NASDAQ: LULU started the year with five revisions in the first week, leading the market. The five revisions are all boosted price targets with an average increase of 10.3%. They see this retail stock trading an average of 9% above the broad consensus, which is increasing. The Marketbeat.com consensus target for this stock is up nearly 20% compared to last year and up compared to last quarter and last month and is likely to move higher as the year progresses. 

The new targets include the new high target of $610, nearly 25% above the current consensus. Assuming this trend continues, Lulu’s consensus price target could move to a new all-time high by mid-year. Thirty-one analysts rate Lululemon a consensus Moderate Buy. Their faith was rewarded the 2nd week of the year when the company raised its Q4 guidance, citing strong holiday trends. 

LULU stocks chart

Chipotle Mexican Grill: Carne Asada sizzles; analysts take a bite 

Chipotle Mexican Grill NYSE: CMG is another hot stock with sizzling analysts' action in the year's first week. The analysts issued five revisions, all boosted targets, with an average increase of 20%. They see this stock trading about 14% above the current consensus, and the range includes the new high target. That target is $2800 and set by Barclays. Analysts at Stephens raised their price target after making seasonal channel checks, citing solid comps, improving traffic in December, and the carne asada special as reasons. Twenty-five analysts rate CMG stock a consensus Moderate Buy; the price target is up 24% YOY and 3.5% in the last month. 

CMG stock chart

Domino’s Pizza is on the verge of a reversal

The price action in Domino’s Pizza NYSE: DPZ has been range-bound for the last two years, but that may be about to change. The stock price received four analysts' revisions in the first week, including one upgrade to Market Perform and four boosted targets with an average increase of 7.5%. The new targets don’t include a fresh high but two $470 targets, which align with the $475 high. It is about 15% above the consensus, which began to rise over the last quarter. If this trend continues, shares of DPZ will likely move above resistance at $415 and may sustain an uptrend in the first half of the year. 

Dominos pizza stock chart

PPG Industries gets a fresh coat of paint

PPG Industries NYSE: PPG is another stock that may enter a reversal soon. The stock price has sharply increased since October 2023, and analysts are raising targets now. The three showing up so far have an average price target increase of only 3.5% but include an upgrade to Buy. Among analysts to issue research is Goldman Sachs, which listed PPG stock on its Conviction List Directors Cut, citing a 16% upside. However, the upside may be limited, with the consensus figure only 7% above the recent action and the new targets in alignment. 

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Should you invest $1,000 in Chipotle Mexican Grill right now?

Before you consider Chipotle Mexican Grill, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Chipotle Mexican Grill wasn't on the list.

While Chipotle Mexican Grill currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

12 Stocks Corporate Insiders are Abandoning Cover

If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know?

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Chipotle Mexican Grill (CMG)
4.1044 of 5 stars
$2,618.00+1.9%N/A59.03Moderate Buy$2,469.88
Lululemon Athletica (LULU)
4.5478 of 5 stars
$450.92+1.7%N/A57.37Moderate Buy$493.87
PPG Industries (PPG)
4.7326 of 5 stars
$143.13+0.3%1.82%26.80Moderate Buy$158.93
Domino's Pizza (DPZ)
4.468 of 5 stars
$422.03+0.3%1.15%28.87Moderate Buy$418.00
Chipotle Mexican Grill (CMG)
4.1044 of 5 stars
$2,618.00+1.9%N/A59.03Moderate Buy$2,469.88
Compare These Stocks  Add These Stocks to My Watchlist 

Thomas Hughes

About Thomas Hughes

  • tmhughes.writeon@gmail.com

Contributing Author

Technical and Fundamental Analysis

Experience

Thomas Hughes has been a contributing writer for MarketBeat since 2019.

Areas of Expertise

Technical analysis, the S&P 500; retail, consumer, consumer staples, dividends, high-yield, small caps, technology, economic data, oil, cryptocurrencies

Education

Associate of Arts in Culinary Technology

Past Experience

Market watcher, trader and investor for numerous websites. Founded Passive Market Intelligence LLC to provide market research insights. 


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