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Facebook Shares Soars as Company Focuses both on Security and Business
| 01/31/2019
Facebook Inc. shares have surged by roughly 12 percent at the pre-market trading today as the company shows that it can boost its security and business at the same time.
Facebook’s performance affects Twitter, Snap
The shares of Facebook rallied by 12 percent earlier today. This comes a day after the company recorded revenues that exceeded analysts’ expectations. The rise in their shares has lifted other social media stocks, with Twitter Inc. rising by 3.4 percent, and Snap also going up by 2.9 percent.
The impressive results achieved by Facebook showed that the company is moving past its numerous privacy scandals and focusing on business.
Market analysts have applauded the growth and believe that Facebook has switched from playing defense to offense. The recent impressive data has seen over ten firms raise price targets on Facebook. The average price target is now $190, up from $184 recorded on Tuesday.
The company is now on track to record its highest level since September 2018. It is also expected to post its biggest gain since January 2016.
Doug Anmuth at JPMorgan raises the price target of Facebook to $210 from $195 as he believes Facebook is the best at the moment. Ross Sandler at Barclays also raised Facebook’s price target to $210 from $180, pointing out that the results achieved will restore confidence in Facebook’s business and usher in investors that abandoned the ship last year.