Stocks making the biggest moves premarket: Shopify, Global Payments, MongoDB and more
Check out the companies making headlines before the bell Wednesday.
Shopify — Shares of the e-commerce company gained 2.4% after JMP upgraded Shopify to market outperform from market perform. The firm assigned the company a price target of $65 per share, implying a 45.1% upside from Tuesday’s close.
Triton International, Brookfield Infrastructure — Triton’s shares soared by more than 28% in early morning trading on news the company will be acquired by Brookfield Infrastructure. Triton shareholders will receive consideration valued at $85 per share in cash and stock. Brookfield’s stock price gained 2.15% on the announcement.
MongoDB — The software company’s stock price rose 2.8% in premarket trading after Morgan Stanley upgraded MongoDB to overweight from equal weight, citing the company’s leadership in cloud optimization initiatives. The firm raised its price target to $270, which suggests shares could gain 27.6% from Tuesday’s close.
Global Payments — Shares added about 2% before the bell after Goldman upgraded the fintech company to buy and assigned a $127 price target, implying about 20% upside from Tuesday’s close. “We believe the merchant business is poised to sustain somewhat better than feared trends as currency headwinds fade, aided by a stronger start to the year in 1Q23,” Goldman analysts wrote in a note sent to clients on Tuesday.
Goldman Sachs — The banking giant rose slightly after UBS upgraded the stock to buy from neutral, saying the company is attractively priced with minimum risk ahead. Analyst Brennan Hawken increased his price target to $385 from $350, suggesting shares stand to gain 17.6% from Tuesday’s close price.
MGM Resorts International — Shares rose about 1.5% after JPMorgan reaffirmed its overweight rating on the company, saying it raised its 2023-2024 Macao estimates on MGM and views its strong upcoming events calendar as a growth catalyst. The firm also lifted its price target to $55, which suggests a 27% from Tuesday’s closing price.