Ferrari, Apple, KB Home and more

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

Justin Sullivan | Getty Images

Check out the companies making the biggest moves in pre-sales:

Ferrari — Shares of the luxury automaker rose less than 1% on Monday after Morgan Stanley analyst Adam Jonas called it the top pick to replace Tesla. In a note to clients, Jonas cited Ferrari’s backlog and pricing strength as reasons for raising his price target on the stock by more than 10%.

Apple — The iPhone maker rose 2% in advance 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 means Apple could gain more than 30% from here.

KB Main — The homebuilder fell 1.4% after JPMorgan doubled from overweight to underweight. The firm argued that the stock was overvalued.

DR Horton — D.R. Horton, another homebuilder, fell just over 1% after JPMorgan downgraded it to neutral from overweight. Analysts say the stock’s premium price realistically reflects its above-average fundamental profile and expect the stock to only match peers.

Vir Biotechnology — The biotech rose 5% after JPMorgan upgraded it from neutral to overweight. The bank said Vir has long-term pipeline opportunities across multiple disease indications.

Silvergate Capital — The bank continued its decline, falling by about 8% of the premarket. Last week, Silvergate Capital warned about its going concern and delayed filing its annual report.

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

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