Our top 10 things to watch Wednesday, Jan. 10 1. Home Depot upgraded to outperform from neutral at Wedbush, price target increased to $380 form $330. Analyst expects 2024 will be a much better year for home improvement spending, with Pro outperforming DIY. 2. The strong M & A run continues: Hewlett Packard Enterprise said it has agreed to buy network equipment maker Juniper Networks for $14 billion in an all-cash deal. Juniper soared more than 20% on Monday after the Wall Street Journal reported the two companies were in advanced talks. 3. BMO downgraded a handful of banks and credit card companies. Goldman Sachs and Citi to hold from buy and American Express to sell from hold. 4. Citi downgraded Schwab to hold from buy, cited a more balanced risk reward after its recent run. 5. Club holding Palo Alto reiterated as a top cyber pick by Morgan Stanley, calls 2024 a “banner year” for cybersecurity due to the elevated threat environment, regulatory tailwinds from the SEC requirements, generative AI, and easing comps. Citi raises PANW price target to $335 from $280, Morgan Stanley raises to $375 from $304. 6. Truist upgraded Howmet Aerospace to buy from hold, price target to $74 from $47. Calls it a “best of breed operating model to ride the aero upcycle.” 7. RBC Capital analyst Lori Calvasina downgraded the technology sector to market weight, upgraded consumer discretionary to market weight and utilities to overweight. Meanwhile, BMO’s Brian Belski reiterated tech as his top sector pick. 8. Salesforce named a top large-cap software pick at Oppenheimer on +20% EPS growth from margin expansion and re-accelerating top-line growth. Separately, Amazon announced its Buy with Prime will be integrated into Salesforce’s Commerce Cloud. 9. Citi shuffled its semiconductor equipment rankings, moves Lam Research to its No. 1 spot and Applied Materials to No. 2. Prefers LRCX for the memory recovery. 10. Redburn Atlantic downgraded Apple to hold from buy, citing little room for upside in iPhone sales and a full valuation. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
The Home Depot in Rockland, Massachusetts.
Matt Stone | Getty Images
Our top 10 things to watch Wednesday, Jan. 10
1.Home Depot upgraded to outperform from neutral at Wedbush, price target increased to $380 form $330. Analyst expects 2024 will be a much better year for home improvement spending, with Pro outperforming DIY.
2. The strong M&A run continues: Hewlett Packard Enterprise said it has agreed to buy network equipment maker Juniper Networks for $14 billion in an all-cash deal. Juniper soared more than 20% on Monday after the Wall Street Journal reported the two companies were in advanced talks.
3. BMO downgraded a handful of banks and credit card companies. Goldman Sachs and Citi to hold from buy and American Express to sell from hold.
4. Citi downgraded Schwab to hold from buy, cited a more balanced risk reward after its recent run.
5. Club holding Palo Alto reiterated as a top cyber pick by Morgan Stanley, calls 2024 a “banner year” for cybersecurity due to the elevated threat environment, regulatory tailwinds from the SEC requirements, generative AI, and easing comps. Citi raises PANW price target to $335 from $280, Morgan Stanley raises to $375 from $304.
6. Truist upgraded Howmet Aerospace to buy from hold, price target to $74 from $47. Calls it a “best of breed operating model to ride the aero upcycle.”
7. RBC Capital analyst Lori Calvasina downgraded the technology sector to market weight, upgraded consumer discretionary to market weight and utilities to overweight. Meanwhile, BMO’s Brian Belski reiterated tech as his top sector pick.
8.Salesforce named a top large-cap software pick at Oppenheimer on +20% EPS growth from margin expansion and re-accelerating top-line growth. Separately, Amazon announced its Buy with Prime will be integrated into Salesforce’s Commerce Cloud.
9. Citi shuffled its semiconductor equipment rankings, moves Lam Research to its No. 1 spot and Applied Materials to No. 2. Prefers LRCX for the memory recovery.
10. Redburn Atlantic downgraded Apple to hold from buy, citing little room for upside in iPhone sales and a full valuation.
Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free
(See here for a full list of the stocks at Jim Cramer’s Charitable Trust.)
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As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH OUR DISCLAIMER. NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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