Check out the companies making the biggest moves in the premarket:

Tesla — Shares fell 5% after reporting a record 40% growth in deliveries. However, the numbers missed analyst expectations. JPMorgan analyst Ryan Brinkman cut his price target on the stock Tuesday, saying he sees more downside ahead.

Coty — The stock rose 2.7% after being upgraded by Piper Sandler to overweight from neutral. Coty is increasing exposure to China and travel retail, which should allow for recovery tailwinds, analyst Korinne Wolfmeyer said.

PayPal — Shares gained nearly 3% premarket following an upgrade to a buy from a hold rating by Truist. The bank lifted its price target on the digital payments stock, saying that estimates now look reasonable.

Wynn Resorts, Las Vegas Sands — Shares of Wynn Resorts jumped 3% in premarket trading after Wells Fargo upgraded the casino stock to overweight from equal weight on Macau reopening optimism. Other Macau-exposed casinos rose in tandem, with Las Vegas Sands up 2% and MGM Resorts up over 1%.

Molson Coors Beverage — Molson Coors Beverage dipped 1% after being downgraded to underweight from equal weight by Wells Fargo, which said it sees significant downside to street estimates in 2023.

Linde — The stock dropped nearly 3% after Reuters reported that Russia froze almost $500 million of assets of the German industrial gas company. Linde had a contract with Russian companies for a new gas complex but notified its partners it had suspended its work due to European Union sanctions imposed after Russia invaded Ukraine.

— CNBC’s Yun Li and Samantha Subin contributed reporting