Check out the companies making headlines before the bell Wednesday:
Target — Target shares were set to open at record highs after the retailer's quarterly results crushed estimates. The company reported earnings per share of $1.36 on revenue of $18.67 billion. Analysts polled by Refinitiv expected a profit of $1.19 per share on revenue of $18.49 billion. Same-store sales, a key metric for retailers, rose 4.5% to top a Refinitiv estimate of 3.6%.
Lowe's — The home-improvement retailer reported quarterly earnings that beat analysts' expectations, sending its stock up more than 4% in the premarket. Lowe's posted an adjusted profit of $1.41 per share. Analysts polled by Refinitv expected earnings per share of $1.35. Lowe's also hiked its earnings outlook for fiscal 2019.
Salesforce.com — The company raised the higher end of its fiscal 2020 revenue guidance and now expects sales for the period to range between $16.99 billion and $17 billion. That's above a Refinitiv median estimate of $16.863 billion.
Canopy Growth — An analyst at Bank of America upgraded the Canadian cannabis company to "buy" from "neutral," noting the "worst looks over" for the beaten-down stock. Canopy's valuation at current levels is "more reasonable" and Wall Street's estimates are "achievable," the analyst said. Canopy shares are down more than 40% this year.
Johnson & Johnson — Johnson & Johnson shares were initiated with an "overweight" rating by an analyst at Cantor Fitzgerald. The analyst said upward profit revisions to the company's pharmaceutical business along with "diminishing headlines" around talc and opioids risk should boost Johnson & Johnson shares.