Shares of Facebook jumped $1.01 to close at $49.46 Wednesday as another Wall Street analyst put out bullish notes on the largest social-networking company.
Canaccord Genuity started covering Facebook stock with a buy rating with a price target of $60 a share, pointing to the company's advertising strength.
But Canaccord is just the latest in what's been a powerful pileup of bullish analyst notes. On Tuesday, shares of Facebook jumped after Citigroup upgraded the stock to a buy, saying that the company's momentum is sustainable.
Now, the chorus of Wall Street analysts is largely bullish, with an average "outperform" rating on Facebook shares, says S&P Capital IQ. The median price target from the 39 analysts covering the stock is $47 a share, with the upper part of the range at $60 a share.
The rush of support from Wall Street analysts is a remarkable shift from the days after the initial public offering in May 2012. Shares wound up losing about half their value from the $38-a-share offering price, as Wall Street analysts and investors turned sour on the company's prospects with mobile ads.
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But following Facebook's strong growth in the second quarter, powered largely by mobile ads, investors have been rushing into the shares, pushing them up more than 85% this year.
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