Check out the companies making headlines in the premarket Tuesday:
Target — Target shares dipped about 0.8% in the premarket after the retailer reported disappointing revenue figures. The company posted revenue of $23.4 billion for the previous quarter. That’s slightly below a Refinitiv estimate of $23.5 billion. Same-store sales — a key metric for retailers — came in line with expectations.
Kohl’s — Kohl’s rose 4% on the back of quarterly results that easily beat analysts’ expectations. The retailer reported earnings per share of $1.99 on $6.537 billion. Analysts polled by Refinitiv expected a profit of $1.88 per share on revenue of $6.523 billion. Same-store sales were flat while analysts expected a decline of 0.1%.
Uber — The ride-sharing company acknowledged in a regulatory filing the coronavirus poses a material risk to its business in a regulatory filing. Uber mentioned the coronavirus five times in the filing, noting it could disrupt operations outside the U.S. Separately, an analyst at Needham put Uber in his “conviction list” as the coronavirus outbreak has “created a very attractive buying opportunity.”
AB InBev — An analyst at Bank of America downgraded the beer-making giant to “neutral” from “buy,” citing “near term headwinds” such as lower earnings out of Brazil and the coronavirus outbreak.
Advanced Micro Devices — AMD was upgraded to “overweight” from “neutral” by an analyst at Piper Sandler who noted the broader market’s recent pullback “provides an attractive opportunity for long-term investors” who want to buy into the stock.
Tesla — The electric car maker was upgraded to “market outperform” from “market perform” by an analyst at JMP Securities. The analyst also issued a price target of $1,060 per share, which represents a 42.5% upside from Monday’s close of $743.62 per share. “Investors may find themselves with additional near-term opportunities to buy the stock as TSLA works through the first half of 2020 and the impact of COVID-19 becomes apparent,” the analyst said.
Tilray — Tilray tumbled more than 13% after the cannabis company reported quarterly revenue numbers that missed analysts’ expectations. The company posted sales of $46.9 million in the previous quarter. That’s below a Refinitiv estimate of $55.4 million. “We have faced industry challenges, but we remain committed to driving long-term value for our shareholders,” CEO Brendan Kennedy said in a statement.
Visa — The credit card giant warned its second-quarter revenue growth could be about 2.5 to 3.5 percentage points below its previous guidance amid pressure from the coronavirus outbreak.
Microchip Technology — The chipmaker’s stock dropped more than 1% after the company warned of flat sales for fiscal fourth quarter. “We see very weak demand in Asia, especially in China, driven by the COVID-19 fears, and customers returning to work at a slower pace than anticipated,” Microchip Technology said in a statement.
—CNBC’s Michael Bloom contributed to this report.
Tesla gets a big upgrade from JMP Securities. Target revenue misses.