Shares of Facebook Inc. FB, +1.01% are up 0.6% in premarket trading Thursday after Stifel analyst John Egbert turned bullish on the stock, upgrading it from buy to hold and raising his target price to $240 from $215. Egbert highlighted that in the third quarter, Facebook saw its first improvement in daily engagement in the past two years, with signs of strength in the U.S. and Canada, which had been a region of concern earlier in the year. The company also saw its core Facebook news feed serve as the top driver of ad impression growth during the quarter, Egbert said. "After heavy investment in a number of initiatives, we believe stabilizing revenue growth combined with sustained operating leverage should unlock significant value in Facebook's stock that had been weighed down by regulatory and other issues in the absence of a clear core business improvement story," he wrote. Shares have risen 52% so far this year, as the S&P 500 SPX, +0.08% has increased 24%.
"buy" - Google News
December 05, 2019 at 08:35PM
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Facebook stock rises after Stifel says it's a buy - MarketWatch
"buy" - Google News
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