Ferrari, Apple, KB Home and more
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
Take a look at 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 price strength as reasons for raising the 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 suggests Apple could rise more than 30% from here.
KB Home — The homebuilder fell 1.4% after a double downgrade to underweight from overweight by JPMorgan. The firm cited the stock’s expensive valuation.
DR Horton — DR 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 perform only in line with its peers.
Vir Biotechnology — The biotech rose 5% after JPMorgan upgraded it to overweight from neutral. The bank said Vir has long-term pipeline opportunities across a range of disease indications.
Silvergate capital — The bank continued its decline and fell around 8% pre-market. Last week, Silvergate Capital warned about its ability to continue as a going concern and delayed the filing of its annual report.
— CNBC’s Yun Li and Jesse Pound contributed reporting.