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 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 Lines, which was up more than 1% in premarket trading.
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.
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 hiked its price target to $80 per share from $50, implying roughly 16% upside from Monday’s close.
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 shakeup 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% premarket.
— CNBC’s Michelle Fox and Hakyung Kim contributed reporting