Piper Jaffray PT Increase Helps Rally Facebook Shares

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show. Facebook Inc FB shares were trading higher by $2 (2.5 percent) at $84.51 in Monday's session. The catalyst for the rally is a price target increase by Piper Jaffray from $92 to $120, as it maintained its Overweight rating. The price target increase, along with a strong broad market, instigated a higher open ($83.41 vs. Friday's close of $82.51) and after only a dime retreat to $83.31, the rally continued. So far, it has reached $84.88, which coincides with its April 22 high ($84.74). Its all-time high was made on March 24 at $86.07. On that day, it posted its all-time closing high at $85.31. Since making the intraday high, it declined to $84.23 before revisiting the highs for the session.