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

cnbc.com:

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% due 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 Brothers notched earnings per share of $4.55 on revenue of $2.65 billion, compared to forecasts from analysts surveyed by LSEG estimating $4.14