With 22K in the books, here are the stocks Wall Street believes will lead the Dow to 23,000

Key Points
  • The Dow Jones industrial average rose above 22,000 for the first time Wednesday.
  • Boeing, McDonald's and UnitedHealth helped the index get here from 21,000.
  • Wall Street believes Home Depot, Pfizer and Cisco Systems will likely lead the Dow to 23,000, according to CNBC analysis of FactSet data.
With 22k in the books, here are the stocks Wall Street believes will lead the Dow to 23,000

If the average Wall Street price targets prove accurate, some consumer and technology names could help the Dow Jones industrial average reach 23,000.

Eyes are on the 23,000 figure after the price-weighted stock index topped 22,000 Wednesday, as Apple surged to a record high following better-than-expected earnings results.

CNBC used FactSet to find the Dow components Wall Street believes will lead the next leg higher, based on the projected return between the current price and the average 12-month target of analysts.

By that measure, Home Depot and Pfizer have the greatest potential. Both stocks have 14 percent to run from Tuesday's close to the average Street price target.

Here are the 10 Dow stocks with the greatest potential for gains, according to Wall Street predictions:

Home Depot has fallen 2 percent this quarter, in contrast to the Dow's near 3 percent gain, due primarily to a 4 percent drop on July 20. That day, the stock dragged down the Dow after Sears announced it will sell its Kenmore-branded appliances on and integrate some of the products with Amazon's Alexa technology.

BTIG analysts Alan Rifkin and Marvin Fong said in a July 20 note that the decline in Home Depot's share price was likely "a major overreaction" to the Sears-Amazon news and maintained a buy rating on the stock. The analysts pointed out that appliances accounted for 8 percent of sales in 2016 for Home Depot.

Home Depot is scheduled to report earnings before the U.S. market open on Aug. 15.

A recovery in Pfizer shares, down about 2.5 percent this quarter, could also help the Dow rise.

On Wednesday, BMO Capital Markets senior equity analyst Alex Arfaei upgraded Pfizer to outperform from underperform, citing expectations for "a number of potential blockbuster growth opportunities" that could help the stock break out of a post-U.S. election trading range.

Other stocks that will likely take the Dow higher include Cisco Systems, which the Street expects to rise 13 percent from Tuesday's close, and Apple and McDonald's, which both have 12 percent to climb in order to hit the average Street price target.

Based on their average price targets, analysts expect all the Dow stocks to rise except for 3M, which closed Tuesday exactly at the average price target, and Travelers, for which the Street's average target is 2 percent below Tuesday's close.

Boeing, McDonald's and UnitedHealth have been the key contributors to the Dow's gains since it first closed above 21,000 on March 1.

— CNBC's John Melloy and Gina Francolla contributed to this report.

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