Stocks making the biggest moves premarket: Target, Lululemon, Shopify and more

Check out the companies making headlines before the bell. Target — Target’s shares tumbled more than 7% after first-quarter earnings missed estimates, driven by a year-over-year sales decline of about 3% as consumers bought fewer discretionary items. Analog Devices — The semiconductor manufacturing company jumped 6.2% after exceeding quarterly estimates. Analog Devices posted adjusted earnings of $1.40 per share in its fiscal second quarter on revenue of $2.16 billion, while analysts polled by FactSet forecast earnings of $1.26 per share, excluding one-time items, on revenue of $2.11 billion. Shopify — The retail software stock rose 2.6% following a Goldman Sachs upgrade to buy from neutral. The investment bank said the industry leader’s shares are at an attractive entry point following a rough year to date. Box — The cloud storage company dipped 2.2% after Morgan Stanley downgraded Box to equal weight from overweight, saying other software names such as Docebo and Smartsheet appear more compelling. Urban Outfitters — The clothing retailer added 1.8% after beating Wall Street estimates for fiscal first-quarter results. Urban Outfitters posted adjusted earnings of 69 cents per share on $1.20 billion of revenue, exceeding analysts’ expectations of 52 cents per share on $1.18 billion of revenue, per LSEG. PDD — PDD Holdings, the Chinese parent of discount retailer Temu, gained 7.6% after reporting a 131% increase in first-quarter revenue. Toll Brothers — The homebuilder gained about 1% after stronger-than-expected results in its fiscal second quarter. Toll reported $4.55 in earnings per share on $2.65 billion of home sales revenue. Analysts surveyed by LSEG were looking for $4.14 per share on $2.53 billion of revenue. Hims & Hers Health — The digital pharmacy stock slipped roughly 3% after Citi downgraded it to neutral from buy. The bank said that while Hims and Hers is “doing everything above-board,” the stock has captured most of its upside potential from an announcement that it will introduce GLP-1s to its platform. Lululemon — The athletic apparel retailer shed 3.7% after saying on Tuesday it will implement a new integrated design structure and announced the departure of its chief product officer, the Wall Street Journal reported. — CNBC’s Alex Harring, Jesse Pound and Sarah Min contributed reporting.