FAANG’s Fall, but Get Some Wall Street Love

By Kim Khan

Investing.com – The FAANG stocks were predictably struggling Monday as money flew out from risk assets.

The tech stalwarts are enjoying high valuations and earnings are coming, with Apple (NASDAQ:), Amazon (NASDAQ:) and Facebook (NASDAQ:) issuing numbers this week and Google parent Alphabet (NASDAQ:) up next week.

Wall Street analysts are taking this time to get their ducks in a row before the reports.

Mizuho boosted its target on Alphabet (NASDAQ:) to $1,650 from $1,450, saying it looks like the numbers are tracking ahead of forecasts. It’s got a buy rating on the stock.

Stifel reiterated its buy on Facebook (NASDAQ:) and bumped up its price target to $250 from $240.

And Benchmark raised its target on Amazon (NASDAQ:) to $2,300 from $2,100, while keepings its buy rating.

“We expect another record revenue holiday quarter, which could eclipse the high end of guidance thanks to share gains from the impressive, aggressive, one-day shipping rollout,” analyst Daniel Kurnos wrote, according to Barron’s.

And following up from last week’s Netflix (NASDAQ:) earnings, Citi raised its price target on shares to $350 from $325, citing optimism on continued cord-cutting strength.

In afternoon trading, Facebook (NASDAQ:) was down 1.1%, Amazon (NASDAQ:) lost 1.4%, Netflix (NASDAQ:) lost 2.8% and Alphabet (NASDAQ:) slipped 2.2%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.