Ferrari, Apple, KB Home and more

Check out the companies making the biggest moves in premarket trading:

Ferrari — Shares of the luxury automaker rose less than 1% early Monday after Morgan Stanley analyst Adam Jonas named it a top pick, replacing Tesla. In a note to clients, Jonas cited Ferrari’s backlog and pricing power as reasons to raise his price target on the stock by more than 10%.

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Apple — The iPhone maker advanced 2% premarket after Goldman Sachs initiated coverage with a buy rating, saying Apple could get a big boost from its services business. The Wall Street bank’s 12-month price target of $199 implies Apple could rally more than 30% from here.

KB Home — The homebuilder slipped 1.4% following a double downgrade to underweight from overweight by JPMorgan. The firm cited the stock’s expensive valuation.

D.R. Horton — D.R. Horton, another homebuilder, fell a little more than 1% after it was downgraded by JPMorgan to neutral from overweight. Analysts said the stock’s premium valuation fairly reflected its above-average fundamental profile and expect the stock to only perform in-line with peers.

Vir Biotechnology — The biotech gained 5% after JPMorgan upgraded it to overweight from neutral. The bank said Vir has long-term pipeline opportunities across numerous disease indications.

Silvergate Capital — The bank continued its slide, dropping about 8% premarket. Last week, Silvergate Capital warned of its ability to continue as a going concern and delayed filing its annual report.

— CNBC’s Yun Li and Jesse Pound contributed reporting.