Ferrari, Apple, KB Home and more

Boards are posted in front of homes under construction at the KB Home Housing Development on January 12, 2022 in Novato, California.

Justin Sullivan | Good pictures

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

Ferrari – Shares of the luxury automaker rose less than 1% after Morgan Stanley analyst Adam Jonas upgraded Tesla. In a note to clients, Jonas cited Ferrari’s backlog and pricing as reasons for raising his price target on the stock to more than 10%.

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Apple — The iPhone maker improved 2% premarket 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 rally more than 30% from here.

KP Home — The homebuilder fell 1.4% after being downgraded twice from overweight to underweight by JPMorgan. The company cited an expensive valuation of the stock.

TR Horton — DR Horton, another homebuilder, fell a little more than 1% after being downgraded from overweight to neutral by JP Morgan. Analysts said the stock’s premium valuation reflects its above-average fundamental profile and the stock is expected to outperform peers.

Vir Biotechnology — The biotech gained 5% after JP Morgan upgraded it to overweight from neutral. The bank said Vir has long-term pipeline opportunities in multiple indications.

Silvergate Capital – The bank continued its decline, down about 8% premarket. Last week, Silvergate Capital warned of its ability to remain a going concern and delayed filing its annual report.

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— CNBC’s Yun Li and Jesse Pound contributed reporting.

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