Stocks making the biggest premarket moves: Ferrari, Apple, KB Home and more

Stock Market

Signs are posted in front of homes under construction at a KB Home housing development on January 12, 2022 in Novato, California.
Justin Sullivan | Getty Images

Check out the companies making the biggest moves in premarket trading:

Ferrari — Shares of the luxury automaker rose less than 1% early Monday after Morgan Stanley analyst Adam Jonas named it a top pick, replacing Tesla. In a note to clients, Jonas cited Ferrari’s backlog and pricing power as reasons to raise his price target on the stock by more than 10%.

Apple — The iPhone maker advanced 2% premarket after Goldman Sachs initiated coverage with a buy rating, saying Apple could get a big boost from its services business. The Wall Street bank’s 12-month price target of $199 implies Apple could rally more than 30% from here.

KB Home — The homebuilder slipped 1.4% following a double downgrade to underweight from overweight by JPMorgan. The firm cited the stock’s expensive valuation.

D.R. Horton — D.R. Horton, another homebuilder, fell a little more than 1% after it was downgraded by JPMorgan to neutral from overweight. Analysts said the stock’s premium valuation fairly reflected its above-average fundamental profile and expect the stock to only perform in-line with peers.

Vir Biotechnology — The biotech gained 5% after JPMorgan upgraded it to overweight from neutral. The bank said Vir has long-term pipeline opportunities across numerous disease indications.

Silvergate Capital — The bank continued its slide, dropping about 8% premarket. Last week, Silvergate Capital warned of its ability to continue as a going concern and delayed filing its annual report.

— CNBC’s Yun Li and Jesse Pound contributed reporting.

Articles You May Like

Texas goes big with dueling property tax cut legislation
Financial turmoil will not stand in the way of further rate rises says Bailey
NFT investor accidentally burns $135K CryptoPunk trying to borrow money
Bitcoin price briefly hits $29K despite recent Binance crackdown
Stocks making the biggest moves midday: Micron, Paramount, McCormick and more