Stock futures slipped in Tuesday’s premarket, the first trading day of September, with investor concerns over new trade developments. This set a cautious tone for what is typically a weak month for equities.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
- Frontier Group Holdings (NASDAQ:ULCC) +8% – Shares surged after Deutsche Bank upgraded the low-cost carrier to buy from hold, citing its strong positioning to capture market share following Spirit Airlines’ bankruptcy. Analyst Michael Linenberg noted that 35% of Frontier’s network overlapped with Spirit in Q3, with that figure expected to rise to about 40% by Q4 as Frontier launches 20 new routes. He set a price target of $8, implying a 63% upside from the prior close.
- SailPoint (NASDAQ:SAIL) +3% – Shares rose after Morgan Stanley upgraded the stock to Overweight from Equal-Weight. Analyst Keith Weiss highlighted that the company is well positioned to sustain 20%+ annual recurring revenue (ARR) growth. The firm set a price target of $25, implying a 21% upside from the last close.
Biggest stock losers
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Fortinet (NASDAQ:FTNT) -3% – Shares slipped after Morgan Stanley downgraded the stock to Underweight from Equal-weight. Analyst Keith Weiss said the move reflects a smaller-than-expected firewall refresh cycle. The firm set a price target of $67, implying about 15% downside from the prior close.