FAANGM Monthly - Jan 22: Painful January
FAANGM declined 7.7% while the S&P 500 fell 5.9% in January.
AMZN and NFLX were the laggards, slumping 12.2% and 28.3% respectively.
We remain OVERWEIGHT on FAANGM. We raised our target prices for Apple, Microsoft and Alphabet after better-than-expected earnings. We modestly trimmed Amazon’s target price as sales slow after a pandemic-induced surge, but remain positive and see easing labour costs as the next share price catalyst. Meta and Netflix, however, face growth headwinds from increasing competition in their respective industries. We have cut their target prices, but they remain a buy after their sharp share price corrections.
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