Autographs are posted in front of homes under construction at a KB Home housing development on January 12, 2022 in Novato, California.
Justin Sullivan | Getty Tropes
Check out the companies making the biggest moves in premarket trading:
Ferrari — Shares of the luxury automaker rose less than 1% first Monday after Morgan Stanley analyst Adam Jonas named it a top pick, replacing Tesla. In a note to patients, 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 hastened 2% premarket after Goldman Sachs initiated coverage with a buy rating, saying Apple could get a big rise from its services business. The Wall Street bank’s 12-month price target of $199 implies Apple could snap out of it more than 30% from here.
KB Home — The homebuilder slipped 1.4% following a double downgrade to underweight from overweight by JPMorgan. The immovable 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 unaligned from overweight. Analysts said the stock’s premium valuation fairly reflected its above-average fundamental profile and suppose the stock to only perform in-line with peers.
Vir Biotechnology — The biotech gained 5% after JPMorgan upgraded it to overweight from pale. The bank said Vir has long-term pipeline opportunities across numerous disease indications.
Silvergate Capital — The bank sustained its slide, dropping about 8% premarket. Last week, Silvergate Capital warned of its ability to continue as a present concern and delayed filing its annual report.
— CNBC’s Yun Li and Jesse Pound contributed reporting.