JPMorgan just shared its view on some significant tech stocks.
- JPMorgan analyst Doug Anmuth lowered the price target on Meta Platforms Inc (NASDAQ:FB) to $385 from $390 (16% upside to January 14 closing price) and reiterated an Overweight rating on the shares.
- The company's revenue growth will decelerate in 2022 against tough compares, but Meta is making solid progress against Apple's iOS changes, Anmuth notes.
- Further, the analyst sees Reels becoming a significant advertising surface.
- He also believes the company has likely passed 10 million active virtual reality units. The stock remains a top pick for Anmuth.
- JPMorgan analyst Doug Anmuth trimmed his Q1 and 2022 estimates for Amazon.com Inc (NASDAQ:AMZN) to reflect slower consumer spending against the backdrop of tough comps through most of the first half of 2022.
- While the Q4 holiday season "has generated mixed reviews," Amazon.com executed well in a challenging operating environment, Anmuth notes.
- Though his estimates come down, the analyst believes lower expectations should help "de-risk shares."
- He says Amazon "will become a cleaner story to own through 2022" and maintained an Overweight rating on the name with a $4,350 price target (34.1% upside to January 14 closing price).
- China Academy of Information and Communications Technology disclosed that international, meaning, Apple Inc (NASDAQ:AAPL) shipments tracked at 4.9 million for December, trailing the historical average of 6.0 million shipments for the month of December, JPMorgan analyst Samik Chatterjee notes.
- The shipments in December equated to down 33% month-over-month decline versus a seasonal downtick of 3% going from November to December, says the analyst.
- Chatterjee says the international shipments demonstrate modestly weaker than seasonal trends in December.
- He reiterated an Overweight rating on Apple.
- Price Action: FB shares traded higher by 0.58% at $320.00 in the premarket session on the last check Wednesday.
