Ferrari, Apple, KB Home, And More Stocks Move In Premarket

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

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Ferrari

There was a mild rise of less than 1% in shares of the luxury automaker early Monday morning after Morgan Stanley analyst Adam Jonas named it one of his top picks, replacing Tesla. In a note he sent to clients, Jonas cited Ferrari's backlog and its pricing power as reasons for raising his price target on the stock by more than 10% with regard to the company's backlog.

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Apple

Apple climbed 2% premarket after Goldman Sachs initiated coverage with a buy rating, saying its services business could boost earnings. There is a possibility that Apple will climb more than 30% from here based on the Wall Street bank's 12-month price target of $199.

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KB Home

The homebuilder shares fell 1.4% after JPMorgan downgraded the company to underweight from overweight following the double downgrade. This was attributed to the stock's expensive valuation.

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D.R. Horton

The stock of D.R. Horton, another homebuilder, fell a bit more than 1% as a result of JPMorgan downgrading it from overweight to neutral. Analysts claim that the stock's premium valuation accurately reflects its above-average fundamental profile and that it is likely to perform in line with its peers for the foreseeable future.

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Vir Biotechnology

There was a 5% gain for the biotech stock after JPMorgan upgraded it from neutral to overweight. Vir has a long-term pipeline with opportunities across a wide range of indications across a wide range of diseases, according to the bank.

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Silvergate Capital

During the premarket trading period, the bank's shares dropped about 8%, continuing its slide. Silvergate Capital has just warned that it may not be able to continue as a going concern and has postponed the filing of its annual report until later this year.

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