Check out the companies making headlines before the bell:
Adobe — The stock gained 2.4% before the bell after Morgan Stanley upgraded shares to overweight from equal weight and boosted its price target, citing artificial intelligence tailwinds.
Chevron — Shares rose 1.6% after Goldman Sachs upgraded Chevron to buy from neutral and hiked its price target. Analysts said the oil giant is due for a breakout.
Ford Motor — Shares declined 1.1% after Jefferies downgraded the stock to hold, citing weakness in Model E guidance.
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Walt Disney — The stock rose 0.7% after Disney reportedly brought back two former executives who were previously considered potential successors to Bob Iger, according to a Financial Times report citing people familiar. The two are Kevin Mayer and Tom Staggs.
XPeng — The U.S.-listed shares of Chinese electric vehicle maker XPeng fell 2% in premarket trading. UBS on Monday downgraded the company to neutral from buy after the stock's extraordinary run-up, saying it expects near-term upside has been priced in. The stock is up 135% this year.
Hasbro — The toymaker added 2.9efore the bell after Bank of America upgraded the stock to buy from neutral. Bank of America said the company should beat expectations for earnings when it reports on Thursday given the strong demand for the Lord of the Rings Magic set.
Money Report
United Parcel Service — Shares fell 1% after Credit Suisse downgraded UPS to neutral from outperform, citing labor concerns.
GoodRX — The digital healthcare platform saw shares rise more than 8% premarket after Cowen upgraded the stock to outperform, saying its pharmacy benefit management partnerships – like Express Scripts and CVS' Caremark – help not just generate a new revenue stream but also solidify the company's position in the healthcare ecosystem. Cowen also raised its price target to reflect about 78% potential upside.
SBA Communications — Shares fell 1.6% in premarket trading. The real estate investment trust involved in wireless communications infrastructure is set to report its second-quarter results after the close Monday.
ON Semiconductor — The chipmaker's shares gained 1.9% ahead of second-quarter earnings. ON Semiconductor is projected to report earnings of $1.21 per share on revenue of $2.02 billion, according to analysts polled by FactSet. It's set to report results Monday morning.
— CNBC's Alex Harring, Hakyung Kim, Tanaya Macheel and Samantha Subin contributed reporting
