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In the Premarket trading session on Tuesday, Facebook’s stock was trading at 197.06- lower by 1.32% as compared to its previous close.
Investment bank Piper Jaffray today started coverage of the social media giant’s stock with an overweight rating and a $230 a share price target. The investment bank’s price target represents about 15% upside from its previous closing price of $199.70. Piper Jaffray said Facebook is leveraging its investments well.
The investment bank also said that the social-media giant is also dodging negative headlines that have followed it. Piper Jaffray initiated its coverage with an overweight rating after evidence suggests that neither users nor advertisers have moved away from the platform despite the controversy surrounding Facebook.
On the technical front, the current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The stock is expected to trade lower today.
TRADE SUGGESTION- LIMIT SELL AT 197.30 TAKE PROFIT AT 196.70 STOP LOSS AT 197.60