Stocks making the biggest moves premarket: United Airlines, Amazon, Nvidia, Wells Fargo & more

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Stocks making the biggest moves premarket: United Airlines, Amazon, Nvidia, Wells Fargo & more

Traders work on the floor of the New York Stock Exchange shortly before the closing bell as the market takes a significant dip in New York, Februar

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Traders work on the floor of the New York Stock Exchange shortly before the closing bell as the market takes a significant dip in New York, February 25, 2020.

Lucas Jackson | Reuters

Check out the companies making headlines before the bell Friday:

United Airlines (UAL) — The airline reached a deal with a pilot union representing about 13,000 pilots regarding early retirements and voluntary furloughs as the industry faces massive headwinds from the coronavirus pandemic.  United shares traded more than 2% lower in the premarket.

Foot Locker (FL) — An analyst at Susquehanna upgraded Foot Locker to positive from neutral and hiked his price target on the stock to $34 per share from $25 per share. The new price target implies an upside of 21.5% over the next 12 months. The upgrade reflects young customers “heading to Foot Locker Inc.’s store banners and websites to spend the newfound money in their pockets to a greater degree than what was reflected in our prior estimates,” the analyst said.

Redfin (RDFN) — RBC Capital Markets downgraded Redfin to sector perform from outperform, citing a high valuation after the stock skyrocketed 400% from its mid-March low. “Valuation has crept up to an extent we see the risk-reward reasonably balanced, given larger macro uncertainties,” RBC said.

Wells Fargo (WFC) — The banking giant was upgraded to outperform from hold by an analyst at Baird, who said the stock’s decline this year is an opportunity “to add bank exposure.” The analyst also said Wells Fargo has a “highly attractive” valuation when looking at a number of metrics.

Beyond Meat (BYND) — Citigroup initiated Beyond Meat with a sell rating and a price target of $123 per share, which implies a downside of 12% from Thursday’s close of $141.22 per share. Citi expects the meatless meat maker to face long-term pressure as competition in the space grows as well as near-term struggles “as a result of its exposure to the foodservice segment.” Shares of Beyond Meat dropped 2.6%.

BioNTech  (BNTX) — BioNTech’s U.S.-listed shares rose 2% in the premarket after CEO Dr. Ugur Sahin told The Wall Street Journal its coronavirus vaccine candidate could be ready for approval by December.

Nvidia (NVDA) — An analyst at Rosenblatt Securities hiked his price target on the chipmaker to $500 per share from $400, implying an upside of 18.9% from Thursday’s close. The analyst said a “secular shift” into data-processing units and the company’s “entrance into new markets” will drive revenue growth for Nvidia in the years ahead.

Amazon (AMZN) — Citigroup raised its price target on Amazon to a Street high of $3,550 per share from $2,700. The new price target implies an upside of more than 11% from Thursday’s close of $3,182.63. The analyst said Amazon’s share price will keep rising as the e-commerce market continues to grow.

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