Check out the companies making headlines in premarket trading.
PayPal, a leading player in the payments industry, experienced a premarket decline of over 1%. This drop followed MoffettNathanson's decision to downgrade the stock from "outperform" to "market perform." Additionally, the research firm reduced its price target. This adjustment came just ahead of the imminent appointment of PayPal's new CEO, Alex Chriss, within the next 10 days. MoffettNathanson acknowledged optimism surrounding the leadership transition but cautioned that Chriss might encounter a challenging beginning, given the complexities of the past 18 to 24 months. The research firm also highlighted the potential for further downward adjustments to its financial estimates.
DoorDash, a prominent food delivery company, registered a premarket increase of nearly 2% after receiving an upgrade from Mizuho Securities. The Wall Street firm elevated DoorDash's rating from "neutral" to "buy" on Sunday. Mizuho Securities justified its decision by citing DoorDash's strong market share and robust consumer spending on food. These factors are expected to position the delivery company to surpass forecasts in the latter half of the year.
Micron Technology, a company specializing in memory and storage solutions, witnessed a premarket gain of approximately 1.6%. This uptick came subsequent to Deutsche Bank's upgrade of the company's stock from "hold" to "buy" on Sunday. The research firm also adjusted its target price upwards. Deutsche Bank underscored Micron's strengthening pricing power in the semiconductor direct random access memory segment, indicating a pivotal turning point that could potentially lead the company to exceed first-quarter expectations.
Arm Holdings, a semiconductor company that recently entered the public markets, experienced a premarket decline of 3.7%. Bernstein initiated coverage of the company on Monday, assigning it an "underperform" rating. Bernstein's assessment was cautious, stating that it was premature to label Arm as a definitive success in the field of artificial intelligence (AI).
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