Facebook Inc (FB): Good News For The Stock Price

Good News for FB Stock Price

Ahead of the annual shareholder meeting, investors got an update on analysts’ opinions of FB stock.

Evercore Partners upgraded FB today to “Overweight” and boosted its price target by $6 to $75.

Evercore analyst Ken Sena cited the company’s growth prospects in online ads and its strong momentum in the mobile ad space.

Evercore isn’t the only Wall Street firm optimistic on the Facebook stock price.

According to data from The Wall Street Journal, 34 analysts who cover Facebook have a “Buy” rating on shares, 5 have an “Overweight,” and 5 maintain a “Hold.”

No one rates shares an “Underweight” or “Sell.”

While FB shares have shed about 16% since its March 11 all-time high of $72.59, analysts’ median 12-month price target has held steady.

The consensus is for FB shares to hit a yet-to-be-reached $77.76, roughly 28% above shares’ current price.

Money MorningWritten By Diane Alter From Money Morning

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