Stocks were indicated to open higher on Tuesday after a mixed performance on Monday and ahead of this week’s key inflation data. Investors have been getting ready for 2025 but there are many different issues to consider with a new regime starting next week. Tariffs, lower regulation, government spending cuts, tax changes and many more items all need to be taken into plans.

Tactical Bulls searches the daily flow of analyst research reports covering the upgrades, downgrades and initiations from Wall Street looking for new ideas that might have otherwise been overlooked or missed. These analyst reports generally try to look out a year out into the future with ratings and target prices. As this is the start of the year, analysts are rapidly updating their ratings, price targets and rolling their models to 2025/26 from 2024/25 projections.

Tactical Bulls always reminds its readers and investors that no single analyst report should ever be the sole basis to buy or sell a stock. That decision to buy or sell, or hold or short sell, is up to each investor and the decision should be made with a financial advisor. And there are of course no assurances that any of the price predictions and the scenarios that back the calls up will actually come to fruition.

Some analyst calls are just reactionary to earnings and other news. Other analyst calls are preemptive ahead of key events and developments and can move stocks. Short-term traders get a glimpse of immediate price reactions to news and to the analyst calls. Long-term investors get a picture of new buy, sell and hold ratings with targets looking a year out.

These are the top analyst upgrades, downgrades and initiations seen from Wall Street on Tuesday, January 14, 2024.

Advanced Micro Devices, Inc. (NASDAQ: AMD) was initiated with a Buy rating and with a $175 price target at Loop Capital. This was after a couple big downgrades, but AMD closed up 1.1% at $117.32 ahead of this call and was indicated up about 0.5% on Tuesday morning.

Air Products & Chemicals (NYSE: APD) was raised to Overweight from Equal-Weight and its price target was raised to $350 from $330 at Wells Fargo.

AON plc (NYSE: AON) was raised to Overweight from Equal-Weight at Wells Fargo.

Archer-Daniels-Midland (NYSE: ADM) was downgraded to Underperform from Neutral and its price objective was cut to $54 from $63 (versus $52.12 close) at BofA Securities.

Celanese Corp. (NYSE: CE) was raised to Buy from Underperform in a double-upgrade at BofA Securities, but its price objective was still trimmed down to $88 from $95 in the call. Celanese closed up 3.6% at $67.38 on Monday.

Chegg, Inc. (NYSE: CHGG) was downgraded to Underweight from Equal-Weight and its price target was cut to $1.25 from $2.00 (versus $1.62 close) at Morgan Stanley.

Choice Hotels International, Inc. (NYSE: CHH) was downgraded to Underweight from Equal-Weight and its price target was cut to $129 from $145 (versus $142.86 close) at Morgan Stanley.

CommScope Holding Company, Inc. (NASDAQ: COMM) was raised to Neutral from Underweight with a $5 price target (versus $4.92 close) at JPMorgan.

Element Solutions Inc. (NYSE: ESI) was cut to Neutral from Buy at BofA Securities.

Flywire Corporation (NASDAQ: FLYW) was cut to Neutral from Buy at Seaport Global. Its shares rose almost 7% to $19.01 ahead of the call.

FMC Corporation (NYSE: FMC) was raised to Neutral from Underperform at BofA Securities.

Fortinet, Inc. (NASDAQ: FTNT) was downgraded to Market Perform from Outperform at Raymond James.

General Dynamics Corporation (NYSE: GD) was downgraded to Neutral from Outperform at Robert W. Baird.

Las Vegas Sands (NYSE: LVS) was downgraded to Equal-Weight from Overweight and its price target cut to $51 from $54 (versus $46.87 close) at Morgan Stanley.

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Lockheed Martin Corporation (NYSE: LMT) was started as Buy with a $579 target (versus $483.16 close) at Truist Securities.

Lululemon Athletica Inc. (NASDAQ: LULU) was reiterated as Outperform and its price target was lifted up to $445 from $430 (versus $398.86 close) at Telsey Advisory Group.

Mastercard Inc. (NYSE: MA) was downgraded to Neutral from Buy at Seaport Global.

Microsoft Corporation (NASDAQ: MSFT) was reiterated as Overweight with a $548 price target (versus $417.19 close) at Morgan Stanley, with the firm noting that its initial AI Agent plans reflect a strong Microsoft positioning for growth and market share that is not yet price into the shares.

Northrop Grumman Corporation (NYSE: NOC) was started as Buy with a $544 target (versus $472.38 close) at Truist Securities.

Pony AI Inc. (NASDAQ: PONY) was started as Buy with a $20 price target (versus $14.30 close) at Deutsche Bank.

United Rentals, Inc. (NYSE: URI) was raised to Neutral from Underperform at Robert W. Baird.

Visa Inc. (NYSE: V) was raised to Buy from Neutral at Seaport Global.

Voya Financial (NYSE: VOYA) was downgraded to Equal-Weight from Overweight at Wells Fargo.