FACEBOOK STOCKS RISE AFTER DEUTSCHE BANK RAISES ITS PRICE TARGET
Facebook’s stock is currently trading at 189.35-higher by 0.90% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.02%. The stock has pared some of its earlier gains after the opening bell.
Deutsche Bank raised its price target on the social media giant’s stocks to $230 from $220. The investment bank, however, reiterated a Buy rating on stocks of Facebook. Deutsche Bank expects the social media giant’s sales growth to reaccelerate to 27% (excluding currency) in the fourth quarter from 25.5% in the third quarter.
The investment bank also highlights Facebook’s easing comps and improving checks around the stories ad unit performance and pricing. Deutsche Bank believes that Instagram Checkout can expand beyond the initial beta partners and drive more ad spending around the holidays.
On the technical front, the RSI is currently at 58.66% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 189.30 TAKE PROFIT AT 191.10 STOP LOSS AT 188.40