The Carnival Miracle cruise ship operated by Carnival Cruise Line is docked at Pier 27 in San Francisco, September 30, 2022.
Justin Sullivan | Getty Images
Check out the companies making headlines before the bell:
Carnival, Royal Caribbean— The cruise lines both gained about 2% after being upgraded by Truist. The Wall Street firm tipped Royal Caribbean to Buy Hold and Carnival to Hold rather than Sell, citing forward-looking trends for 2024 and 2025 that appear “exceptionally strong.” Truist maintained its rating on Norwegian Cruise Lines, which rose more than 1% in premarket trading.
Deere, CNH Industrial —Both stocks slipped in pre-market trading after Evercore ISI downgraded each to in-line from outperformance, citing reductions in agricultural production. Deere fell 1.4%, CNH 1.2%.
Starbucks — Shares fell 1.2% after TD Cowen downgraded the coffee giant due to “worrisome” macroeconomic conditions in China. The company believes slowing consumer spending in China could hurt stock growth and affect Starbucks’ multiple.
CVS Health — The pharmaceutical stock rose less than 1% after Evercore ISI upgraded CVS Health Tuesday to outperform from the line, saying the stock is currently attractively valued.
Dell Technologies — Shares rose more than 1.2% after Daiwa Capital Markets upgraded the IT stock to market outperformer. The Wall Street firm raised its price target from $50 to $80 per share, implying an upside of about 16% from Monday’s close.
Super microcomputer — The information technology stock gained more than 2% after Barclays initiated coverage of Super Micro Computer with an overweight rating on Tuesday. The company’s $327 price target represents a nearly 34% upside from Monday’s close.
Planet Fitness — The gym franchise’s recent CEO shakeup contributed to JPMorgan downgrading the stock from overweight to neutral. Along with the downgrade, the company reduced its price target on Planet Fitness from $70 to $52, a move that still implies a 7% upside. Shares fell about 2% premarket.
Rocket Lab — Aerospace stocks plunged 22% after Rocket Lab’s first failed launch in more than two years Tuesday morning. Shares closed Monday at $5.04.
— CNBC’s Michelle Fox and Hakyung Kim contributed reporting
