Facebook’s work week began with some good news by way of Wall Street, as Stifel Nicolaus & Co. Analysts Jordan Rohan, Michael Purcell, and Nathaniel Brogadir upgraded the social network’s stock to “buy” from “hold” in a research note, MarketWatch reported.
The analysts said upside catalysts are being ignored, including Facebook’s potential addition to the S&P 500 index, back-to-school seasonality, monetization efforts at Facebook-owned photo-sharing network Instagram, and its new products and advertising formats, writing:
(Facebook) presents one of the most compelling investments in the Internet sector. The fears of declining engagement and poor ad efficacy have already been discounted into shares.
Stifel’s new target price on Facebook shares is $29 apiece.
Readers: Do you agree with the points made in Stifel’s research note?
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