By Kim Khan
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:AAPL), Amazon (NASDAQ:AMZN) and Facebook (NASDAQ:FB) issuing numbers this week and Google parent Alphabet (NASDAQ:GOOGL) 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:GOOGL) 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:FB) and bumped up its price target to $250 from $240.
And Benchmark raised its target on Amazon (NASDAQ:AMZN) 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:NFLX) earnings, Citi raised its price target on shares to $350 from $325, citing optimism on continued cord-cutting strength.
In afternoon trading, Facebook (NASDAQ:FB) was down 1.1%, Amazon (NASDAQ:AMZN) lost 1.4%, Netflix (NASDAQ:NFLX) lost 2.8% and Alphabet (NASDAQ:GOOGL) slipped 2.2%.
