Is it possible to have too many friends? Facebook Inc (NASDAQ:FB) investors might be wondering just that. Shares of the social giant made a new all-time high and have doubled in just the past three months. The company now sports a staggering $120 billion market cap.
But because of that performance, or perhaps in spite of it, Wall Street has started to warm to the name.
Canaccord Genuity just slapped a “Buy” rating on the stock with $60 price target. For those bad at math, that’s a 20% higher from here. This follows Citigroup’s Mark May who upgraded Facebook yesterday, saying the company’s growth was “sustainable.”
“Don’t be afraid to take profits,” said Brian Kelly of Brian Kelly Capital. “The analyst upgrades are based on information that is already known and priced-in.” “Last year was a great time to buy the stock,” said Enis Tanner of Riskreversal.com. “Today might be a great time to sell it.”
Watch the full video below showing how low the stock could drop: