Check out the companies making headlines in the premarket Friday:
Wayfair IPO on the floor of the New York Stock Exchange
Lucas Jackson | Reuters
Beyond Meat (BYND) — Shares of the Beyond Meat dropped more than 11% after the company reported a surprise quarterly loss. The meatless food company posted a loss of 1 cent per share for the previous quarter. The loss came even as quarterly revenue tripled on a year-over-year basis.
Wayfair (W) — Wayfair reported a larger-than-expected loss for the fourth quarter, sending its stock down more than 10% in the premarket. The company posted a loss of $2.80 per share. Analysts polled by FactSet expected a loss of $2.63 per share.
Disney (DIS) — An analyst at BMO Capital Markets named Disney his top pick, replacing Netflix, noting the stock is “increasingly baking in more challenges already. We would use any near-term weakness related to COVID-19 virus as an opportunity to build long-term positions.”
Wells Fargo (WFC) — The bank was upgraded to “neutral” from “underweight” by an analyst at Atlantic Equities. The analyst said that, while Wells Fargo is “is the most exposed of the major banks to falling long-end rates, we believe that these concerns are now fully priced into the stock.”
Peloton Interactive (PTON) — Peloton was initiated with an “outperform” rating by a Macquarie Research analyst, who said the company can “consolidate fitness demand across verticals and grow penetration off a low base thanks to its quality products/services and brand image.” The analyst initiated Peloton with a price target of $38 a share, implying a 32% jump from Thursday’s close of $28.72 per share.
Dollar General (DG) — An analyst at Jefferies upgraded Dollar General to “buy” from “hold.” The analyst said Dollar General’s “strategic initiatives set stage for accelerated EBIT growth w/F21 showing notable upside.”
Norwegian Cruise Line (NCLH), Royal Caribbean (CCL) — Deutsche Bank downgraded Norwegian Cruise Line and Royal Caribbean to “hold” from “buy,” citing uncertainty amid the coronavirus outbreak. “Simply put, while these stocks have already endured significant selloffs, we cannot realistically recommend buying them,” the analyst wrote in a note.
Uber (UBER), Lyft (LYFT) — The ride-hailing stocks were initiated with “overweight” ratings by an analyst at KeyBanc Capital. “In ridesharing, secular growth remains solidly in the 15%+ range as consumers appreciate the convenience offered,” according to the analyst.
—CNBC’s Michael Bloom contributed to this report.