March 21, 2023

Great Indian Mutiny

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Ferrari, Apple, KB Home and more

Signs are placed in front of homes under construction at the KB Home housing project on January 12, 2022 in Novato, California.

Justin Sullivan | Getty Images

Check out the companies making the biggest moves in pre-market trading:

Ferrari Shares of the luxury automaker rose less than 1% early Monday after Morgan Stanley analyst Adam Jonas named it the best option, replacing Tesla. In a note to clients, Jonas cited Ferrari’s buildup and pricing strength as reasons for raising its price target for the stock by more than 10%.

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apple — The iPhone maker in the primary market advanced 2% after Goldman Sachs initiated coverage with a buy rating, saying Apple could get a big boost from its services business. The Wall Street bank’s 12-month price target of $199 suggests Apple could rise more than 30% from here.

KB major — The homebuilder’s stock fell 1.4% after a dual rating downgrade to underweight from overweight by JPMorgan. The company cited the exorbitant valuation of the stock.

Dr. Horton — DR Horton, another homebuilder, fell just over 1% after JPMorgan downgraded its rating to neutral from overweight. Analysts said the stock’s premium valuation somewhat reflects its above-average fundamental picture and they expect the stock to perform only in line with its peers.

Biotech Ver — The biotech gained 5% after JPMorgan upgraded it to overweight from neutral. The bank said Fair has long-term pipeline opportunities across several disease indicators.

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Silvergate Capital – The bank continued its decline, declining about 8% before its marketing. Last week, Silvergate Capital warned of its ability to continue as a going concern and was late in filing its annual report.

— CNBC’s Yoon Lee and Jesse Pound contributed reporting.