Facebook shares gain for a third session in a row on Thursday, Deutsche Bank revises up its price target for the stock

Deutsche Bank was reported to have revised up its price target for Facebook Inc (FB) to $220 from $215 previously due to positive ad checks. The bank also kept its “Buy” rating for the stock.

Facebook shares closed higher for a third consecutive trading session on Thursday. The stock went up 0.63% ($1.05) to $168.73, after touching an intraday high at $169.05, or a price level not seen since September 25th ($169.30). In the week ended on September 24th the shares of the social media company lost 0.64% of their market value compared to a week ago, which marked the sixth drop in the past eight weeks. The stock has pared its loss to 1.88% so far during the current month, following a 1.61% surge in August. The latter has been a second consecutive monthly gain, but yet, the smallest one since May. For the entire past year, the shares of the NASDAQ-listed company gained 9.93%. The stock has risen 46.66% so far in 2017.

According to Lloyd Walmsley, Deutsche Bank analyst, ad checks suggest strong client budget growth during the third quarter and a long-term orientation towards newer ad programs by the social media company.

Deutsche Bank now projects that Facebooks third-quarter revenue to grow 42%, up from 39%, as expected previously. The bank also revised up its full-year 2018 revenue growth forecast to 32% from 30% previously.

According to CNN Money, the 41 analysts, offering 12-month forecasts regarding Facebook Inc’s stock price, have a median target of $195.00, with a high estimate of $230.00 and a low estimate of $98.00. The median estimate is a 15.57% surge compared to the closing price of $168.73 on September 28th.

The same media also reported that 36 out of 44 surveyed investment analysts had rated Facebook Inc’s stock as “Buy”, while 3 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Facebook stock are presented as follows:

R1 – $168.89
R2 – $169.06
R3 (Range Resistance – Sell) – $169.22
R4 (Long Breakout) – $169.71
R5 (Breakout Target 1) – $170.29
R6 (Breakout Target 2) – $170.54

S1 – $168.57
S2 – $168.40
S3 (Range Support – Buy) – $168.24
S4 (Short Breakout) – $167.75
S5 (Breakout Target 1) – $167.17
S6 (Breakout Target 2) – $166.92

By using the traditional method of calculation, the weekly levels of importance for Facebook Inc (FB) are presented as follows:

Central Pivot Point – $170.94
R1 – $172.65
R2 – $174.77
R3 – $176.48
R4 – $178.20

S1 – $168.82
S2 – $167.11
S3 – $164.99
S4 – $162.88