Carnival, Royal Caribbean — The cruise lines both gained about 2% after being upgraded by Truist. The Wall Street firm moved Royal Caribbean to buy from hold and Carnival to hold from sell, citing forward-looking trends for 2024 and 2025 that look “exceptionally strong.” Truist maintained its hold rating on Norwegian Cruise Line, which was up more than 1% in premarket trading.
Deere, CNH Industrial — The two stocks slid in the premarket after Evercore ISI downgraded each to in line from outperform, citing agricultural production cuts. Deere fell 1.4% while CNH declined 1.2%.
Starbucks — Shares fell 1.2% after TD Cowen downgraded the coffee giant over the “worrisome” macro backdrop in China. The firm believes slower consumer spending in China could hit share growth and affect Starbucks’ multiple.
CVS Health — The pharma stock rose less than 1% after Evercore ISI upgraded CVS Health on Tuesday to outperform from in line, saying the stock is currently attractively valued.
Super Micro Computer — The information technology stock added more than 2% after Barclays initiated coverage of Super Micro Computer on Tuesday with an overweight rating. The firm’s $327 price target represents nearly 34% upside from Monday’s close.
Planet Fitness — The recent CEO shake-up at the gym franchise was a contributing factor in JPMorgan downgrading the stock to neutral from overweight. Along with the downgrade, the firm cut its price target on Planet Fitness to $52 from $70, a move that still implies 7% upside. Shares fell about 2% during premarket trading.
