Stocks making the biggest moves midday: Target, Urban Outfitters, Tesla, Shopify and more

Check out the companies making headlines in midday trading:

Target — Shares of the retailer pulled back more than 7% after a first-quarter earnings miss, underscored by a 3% year-over-year decline in sales.

Analog Devices — Stock in the semiconductor manufacturer surged more than 8% after second-quarter results beat analysts’ estimates. Massachusetts-based Analog reported adjusted earnings per share of $1.40 on revenue of $2.16 billion, compared to a consensus estimate from analysts polled by FactSet that forecast $1.26 in earnings per share and $2.11 billion in revenue.

Shopify — Shares climbed more than 3% on the heels of an upgrade to buy from Goldman Sachs, with the investment bank noting Shopify’s current share price gives investors an attractive entry point.

Urban Outfitters — The clothing retailer slid 4% despite posting a fiscal first-quarter beat, after trading higher before Tuesday’s opening bell. Urban Outfitters reported adjusted earnings of 69 cents per share, higher than the 52 cents per share analysts polled by LSEG had expected. Revenue of $1.20 billion also came in above the $1.18 billion consensus estimate.

Garmin — Shares slipped 4.8% in the wake of a downgrade to underperform from neutral by Bank of America. The firm said shares were “priced to perfection,” raising concern that the current valuation may be unsustainable.

PDD Holdings — Stock in the Chinese retailer ticked up roughly 2% thanks to a 131% jump in revenue in the first-quarter.

Toll Brothers — Shares pulled back nearly 8% after the homebuilder beat Wall Street’s fiscal second-quarter estimates. Toll notched earnings per share of $4.55 on revenue of $2.65 billion, compared to forecasts from analysts surveyed by LSEG estimating $4.14 and $2.53 billion, respectively.

Hims & Hers Health — Stock in the digital pharmacy fell nearly 5% after a Citi downgrade to neutral, with the bank asserting that any further upside has already been priced into the stock following news that it would add GLP-1 drugs to its platform.

Lululemon — The athleisure stock declined more than 6% after a Wall Street Journal report said the company’s chief product officer was departing the company.

Tesla — Stock in the Elon Musk-helmed electric vehicle company fell more than 3% after the company’s sales in Europe sank to a 15-month low, according to a Bloomberg report.

First Solar — Shares surged more than 18% in midday trading. UBS increased its price target on the solar company by more than 7% on Tuesday, with the firm positing that investors were overlooking First Solar’s potential benefit from the rise of artificial intelligence. Other alt energy stocks also surged, in part owing to enthusiasm that AI will lift power demand. Bloom Energy surged 18%, Sunnova Energy added 14% and Enphase Energy, Fluence Energy and Sunrun were all up 10%.

— CNBC’s Alex Harring and Lisa Kailai Han contributed reporting.