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FAANG Report: Apple's price target boosted by Piper Jaffray; Amazon goes on charm offensive

Facebook turns in one of its worst quarters since going public; Google looks to add more stories on its platform
Chart on an Apple iPhone.
Apple price target raised by Piper Jaffray

Apple Inc's (NASDAQ:AAPL) share price target was raised to US$250 from US$218 by Piper Jaffray analyst Michael Olson ahead of the company's expected iPhone launch event next week, a report by MarketWatch said. Olson said nearly two-thirds of iPhone owners, or more than 500mln people, are using an iPhone model that's at least two years old. He predicted a "super-long cycle" for the shares, which have risen almost 40% over the past 12 months. Apple stock hit an all-time intra-day high of US$229.67 this week. 

Shares of Apple were up 0.8% at US$224.83.

READ: Apple expected to unveil three new iPhone models on September 12

Facebook Inc (NASDAQ:FB) is having one of its worst quarters since going public in 2012 and one technical analyst believes more trouble lies ahead for the social media giant, a report by CNBC said. The social network has been raked by the markets over privacy scandals and its quarter-to-date losses have hit 16%, placing the stock on track for its largest quarterly loss since 2012, the report said.  Todd Gordon, founder of TradingAnalysis.com, said Facebook may retest the US$150 mark which was the old low from April 2018. 

Facebook stock was higher by 0.84% at US$163.90.

One day after being lashed by US Senator Bernie Sanders, Amazon.com Inc (NASDAQ:AMZN) opened some of its warehouses in a tour as part of a charm offensive to push back against claims its warehouse workers are not being treated fairly, a report by Vice News said. The report said they were not allowed to bring cameras or take pictures during the tour. The official conducting the tour said he cannot divulge how many employees worked in the warehouse. He made sure to point out though that the warehouse in Chester, Virginia, had air conditioning.

Amazon shares increased 0.65% to US$1,971.11. 

FAANG Report: BEZOS Act to hit Amazon, Walmart; search monster Google turns 20 years old

Netflix Inc (NASDAQ:NFLX) shares have rebounded after RBC Capital Markets raised its price target for the streaming conglomerate, a report by CNBC said. RBC raised its price target for Netflix to US$440 from US$360 and reiterated its outperform rating for the stock. Analyst Mark Mahaney said in a note to clients that they "view Netflix as one of the best derivatives off the strong growth in online video viewing and in Internet-connected devices." The analyst says Netflix has achieved a level of "sustainable scale, growth, and profitability that isn't currently reflected in its stock price."

Netflix stock gained 1.9% to US$353.

Alphabet Inc's (NASDAQ:GOOG) Google is testing a way to load more stories in its top story section, a report by Search Enginge Roundtable said. In this way, Google will be able to load more stories below the top three stories it has loaded on its platform, the report said.

Google shares inched up 0.08% to US$1,172.39.

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