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%.
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