Wall Street 9/26/13 By: Emily Coyle
Facebook Inc. (NASDAQ:FB) had a story to “Like” Thursday after its stock surged, topping $50 per share for the first time thanks to increased confidence from Goldman Sachs (NYSE:GS). MarketWatch reports that the firm upped its price target from $52 to $58 and cited the social network’s presentation at AdWeek 2013 in New York for its newfound support. Analyst Heather Bellini explained in a note to investors, “Our
conversations on the conference floor suggest continuing momentum for Facebook, and but also significant runway left.”
All across the China-related media today is a story from South China Morning Post that the new Shanghai Free Trade Zone will allow users to access banned western social media platforms Facebook (FB) and Twitter, and allow foreign telecoms to operate there:
Beijing has made the landmark decision to lift a ban on internet access within the Shanghai Free-trade Zone to foreign websites considered politically sensitive by the Chinese government, including Facebook, Twitter
Analyst Moves: AAPL, FB, AMGN
Citigroup upgraded shares of Facebook (FB) from neutral to buy as channel checks with advertisers has shown encouraging and sustainable drivers of growth. With the upgrade, Citigroup increased its price target to $55 per share.
Article Why Facebook Remains Undervalued
Seeking Alpha 9/19/13
By: Jayson Derrick
The future remains bright for Facebook and another major catalyst for the stock can be the company's inclusion within the S&P 500 index. The company fits the guidelines for inclusion as Facebook is a well established leader within the advertising space. Some of the criteria for inclusion in the index include a $4 billion market cap (check), a 50% public float (check), and four consecutive quarters of positive net income (likely to be checked in the upcoming third quarter). Interestingly, November would mark the 18-month anniversary of the company's IPO, which is approximately the same time period it took Google to be added to the index.
Finally, Wall Street analysts are also optimistic on share prices. CLSA has a street high price target of $60 with JPMorgan having a $53 target and Goldman Sachs having a $52 target. These price targets from some of the top tier firms further goes to show that investors of Facebook are likely to see strong returns over the years.
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