Best FAANG stocks to buy for 2022

The metaverse is one of the most promising places to look forward to going into the new year. Meta Platforms alongside Alphabet could benefit differently.

Meta Platforms

Meta Platforms Inc. (NASDAQ:FB) shares are down more than 15% since peaking on the 7th of September. The company, formerly Facebook, changed its corporate name to Meta Platforms, putting all its social media platforms under one umbrella, pegged on the priming concept of the metaverse.

Facebook trades at reasonable trailing and forward valuation multiples of 23.86 P/E and 23.40 forward P/E. Therefore, given the company’s huge bet on Web 3.0 and the metaverse, now could be a good time to buy the stock.

Technically, investors could target rebounds at about $342 or higher at $357, while $306 and $289 are crucial support levels.

Alphabet

Alphabet Inc. (NASDAQ:GOOG) although it has seemingly stayed on the sidelines of the Web3 hype, the company is slowly beginning to embrace crypto payments. Its Google Pay mobile wallet has already inked deals with crypto platforms like Coinbase, Bitpay and Gemini to support crypto cards, which transact in fiat currencies.

Therefore, it could benefit significantly in the downstream of Web3 and the metaverse.

Technically, the stock seems to be trading within a descending channel formation in the intraday chart. It has since declined to trade at a forward P/E of 26.95 whilst offering exciting growth prospects.

Investors could target profits at about $2,892, or higher at $2,975, while $2,743 and $2,660 are support levels.