On January 12, 2022 in Novato, California, signs are posted for homes under construction in a KB Home housing project.
Justin Sullivan | Getty Images
Check out the companies making the biggest strides in premarket trading:
Ferrari – Shares of the luxury car maker rose less than 1% on Monday after Morgan Stanley analyst Adam Jonas called it a top pick, replacing Tesla. In a message to clients, Jonas cited Ferrari’s backlog and pricing power as reasons for raising his share price target by more than 10%.
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Apple — The iPhone maker was up 2% premarket after Goldman Sachs kicked off coverage with a buy rating, saying Apple could get a big boost from its servicing business. The Wall Street bank’s 12-month price target of $199 implies that 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 company cited the expensive valuation of the stock.
DR Horton – DR Horton, another homebuilder, fell just over 1% after being downgraded from overweight to neutral by JPMorgan. Analysts said the stock’s premium valuation fairly reflected its above-average fundamental profile and expect the stock to perform only in line with industry peers.
Vir Biotechnology — The biotech gained 5% after JPMorgan upgraded it from neutral to overweight. The bank said Vir has long-term pipeline opportunities in numerous disease indications.
Silvergate capital — The bank continued its decline, falling about 8% premarket. Last week, Silvergate Capital warned about its ability to continue operations and delayed the filing of its annual report.
— CNBC’s Yun Li and Jesse Pound contributed reporting.