Facebook just hit the ball out of the park again. The stock is up 14% due to its earnings announcement last night. Revenues rose 52% year-over-year to $5.84 billion dollars, and earnings per share grew 46% year-over-year to .79 cents per share. The 14% spike in the stock completely erases its 2016 losses and puts it a stone throw away from all-time highs.
Wall Street Analysts are tripping over themselves increasing their price targets:
Morgan Stanley $130 to $135
Susquehanna $130 to $140
JP Morgan $127 to $136
Wedbush $115 to $128
Cowen $125 to $140
Deutsche Bank $125 to $145
Piper $155 to $170
What now? I’m not a big fan of chasing huge gaps on big cap names. I would allow the stock to consolidate for a few days if I wanted to get long.
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