The Carnival Miracle cruise ship operated by Carnival Cruise Line is docked at Pier 27 in San Francisco on September 30, 2022.
Justin Sullivan | getty images
Take a look at the companies making headlines before the bell:
Carnival, Royal Caribbean – Both cruise lines rose about 2% after upgrades by Truist. The Wall Street firm downgraded Royal Caribbean from Hold to Buy and Carnival from Sell to Hold, citing forward-looking trends for 2024 and 2025 that look “exceptionally strong.” Truist maintained its Hold rating on Norwegian Cruise Lines, which was up more than 1% in premarket trading.
Deere, CNH Industrial – Evercore Both stocks slipped in the premarket after ISI downgraded each stock from Outperform to In-Line, citing cuts in agricultural production. Deere fell 1.4%, CNH fell 1.2%.
Starbucks – Shares fell 1.2% after TD Cowen downgraded the coffee giant on a “worrying” macro backdrop in China. The firm believes slowing consumer spending in China could weigh on share growth and impact Starbucks’ multiples.
CVS Health – The pharma stock rose less than 1% after Evercore ISI upgraded CVS Health to outperform from in-line on Tuesday, saying the stock is currently attractively valued.
Dell Technologies – Shares rose more than 1.2% after Daiwa Capital Markets upgraded the computer stock to outperform from market perform. The Wall Street firm raised its price target from $50 to $80 per share, about 16% above Monday’s close.
Super Microcomputers – Information technology stocks rose more than 2% after Barclays initiated coverage of Super Microcomputers with an overweight rating on Tuesday. The firm’s $327 price target represents about 34% upside from Monday’s close.
Planet Fitness – The recent CEO change at the gym franchise was a contributing factor to JPMorgan’s upgrade of the stock from Overweight to Neutral. With the downgrade, the firm 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 – The aerospace stock fell 22% Tuesday morning after Rocket Lab’s first launch failure in more than two years. Shares closed at $5.04 on Monday.
— CNBC’s Michelle Fox and Hakyung Kim contributed reporting