Wall Street was kind to Facebook Thursday, asAP reported that analysts Brian Pitz of Jefferies and Daniel Salmon of BMO Capital Markets upgraded their ratings on the social network’s stock.
Pitz wrote in a research note Thursday, as reported by AP, that the recent drop in Facebook’s share price presents an opportunity for investors, who should jump in before the social network launches video ads, which, he feels, could develop as rapidly as its mobile advertising business has. He boosted his rating of the stock to “buy” from “hold” and set a target price of $32 per share.
Meanwhile, Salmon wrote in a note of his own, as reported by AP, that advertiser sentiment about Facebook has remained positive throughout 2013, and that investors have grown too negative about usage concerns at the social network, adding:
The continued independence of Instagram underpins what we see as an evolving company strategy focused on maintaining a “portfolio of social networks.”
Salmon upgraded his rating on Facebook’s stock to “outperform” from “market perform.”
Readers: Do you think more analysts will follow suit?
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