Check out which companies are making headlines before the bell:
Snap — Analysts at Needham initiated coverage of the social media firm's stock with an "underperform" rating, noting the company's total addressable market is 80 percent smaller than Facebook. "Prospect Theory would label SNAP a 'lottery-like' stock," they said in a note. However, Snap's shares were up 2 percent before the bell.
Deutsche Bank — The German banking giant's U.S.-listed shares slipped before the bell after Deutsche announced an $8.5 billion capital increase. Deutsche Bank is Germany's biggest lender.
Netflix — UBS upgraded the streaming giant's stock to "buy" from "neutral" and raised its price target to $175 a share from $136, implying a 25.8 percent potential upside. "[W]e do see the potential for Netflix to exceed Street subscriber growth expectations and believe that concerns regarding competition and content costs are misplaced," UBS said in a note.
Xerox — Xerox's stock climbed 2 percent in the premarket after a Barron's article said the shares looked cheap, despite its 28 percent jump this year.
HP Inc. — Analysts at Wells Fargo Securities upgraded HP Inc. shares to "outperform" from "market perform," noting that Wall Street may be underestimating its margin expansion and supplies growth.
Garmin —The GPS device maker's stock was upgraded at Goldman Sachs to "neutral" from "sell," with analysts characterizing Garmin's valuation as "fair." Goldman also said it expects the company to return to growth next year and raised its price target to $52 from $48 a share.
FedEx — BMO Capital Markets upgraded FedEx's stock to "outperform" from "market perform" and raised its price target to $220 from $210, citing a "strong margin of safety in valuation" and an improving U.S. industrial outlook, among other factors.
Aberdeen Asset Management — The Scotland-based firm agreed to a $13.5 billion merger with Standard Life, a move that would create one of the largest fund managers in the United Kingdom.