The Carnival Miracle cruise ship operated by Carnival Cruise Line is docked at Pier 27 in San Francisco, Sept. 30, 2022.
Justin Sullivan | Getty Images
Discover the notable pre-market movers:
Carnival, Royal Caribbean— Truist upgraded both cruise lines, leading to a 2% increase in their stock prices. Royal Caribbean was upgraded from hold to buy, while Carnival was moved from sell to hold. Truist predicts exceptionally strong future trends for 2024 and 2025. Norwegian Cruise Lines, which maintained its hold rating, saw a more than 1% increase in pre-market trading.
Deere, CNH Industrial — Evercore ISI downgraded both stocks from outperform to in-line due to agricultural production cuts. Deere saw a 1.4% decline, while CNH experienced a 1.2% slide.
Starbucks — TD Cowen downgraded the coffee giant, causing a 1.2% decrease in its shares. The downgrade was prompted by concerns about the macroeconomic conditions in China, which could impact Starbucks’ growth and valuation.
CVS Health — Evercore ISI upgraded CVS Health from in-line to outperform, leading to a less than 1% rise in the pharma stock. The upgrade was driven by the attractive valuation of CVS Health at the current moment.
Dell Technologies — Daiwa Capital Markets upgraded the computer stock from market perform to outperform, resulting in a more than 1.2% increase in shares. The Wall Street firm raised its price target for Dell Technologies to $80 per share from $50, indicating a potential 16% upside.
Super Micro Computer — Barclays initiated coverage of Super Micro Computer with an overweight rating, leading to a more than 2% increase in the information technology stock. Barclays set a price target of $327, implying a nearly 34% upside from the previous close.
Planet Fitness — JPMorgan downgraded the gym franchise from overweight to neutral, resulting in about a 2% decrease in shares. The firm also reduced its price target for Planet Fitness to $52 from $70, but there is still a potential 7% upside.
Rocket Lab — Following its first launch failure in over two years, Rocket Lab experienced a significant drop of 22% in its aerospace stock. The previous closing price was $5.04.
— Reported by Michelle Fox and Hakyung Kim for CNBC
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