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Facebook, Inc. (FB) Message Board

  • agno3doc agno3doc Oct 30, 2013 2:19 PM Flag

    FB Bear reverses course and becomes BULL--read

    BTIG analyst Richard Greenfield has officially completed an about-face on FacebookFB -0.84%.

    Once incredibly bearish on the social network (he had a $16 price target last October and a $22 target as recently as July), Mr. Greenfield turned less pessimistic three months ago after Facebook reported an upbeat earnings surprise, fueled by a surge in mobile and local ad sales.

    On Wednesday, he turned full-blown bull by boosting his investment rating to buy from neutral and slapping a $68 price target on Facebook. The move came ahead of Facebook’s quarterly results, due Wednesday after the closing bell.

    “While our prior Facebook concerns may ultimately prove valid, they are clearly not playing out near-term and do not appear to be preventing rapid growth over the next couple of years,” Mr. Greenfield wrote in a note to clients.

    He points to a better user experience, improving advertising conditions (especially on mobile) and the “under-appreciated” asset known as Instagram as the catalysts for his latest upgrade.

    “We resisted going to BUY in July, as we still feared the impact a heavy mobile ad-load would have on usage and expected a splintering of social networking/communication apps by use-case and generations,” he said. “In hindsight, not upgrading SELL to BUY after Q2 was clearly a mistake with the stock now over $50.”

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