After Morgan Stanley and Merrill Lynch gave Facebook (NASDAQ: FB) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Jason Helfstein assigned a Buy rating to Facebook yesterday and set a price target of $345.00. The company’s shares closed last Thursday at $272.87.
According to TipRanks.com, Helfstein is a top 25 analyst with an average return of 47.3% and a 76.4% success rate. Helfstein covers the Technology sector, focusing on stocks such as Spotify Technology SA, Opendoor Technologies, and Fiverr International.
Currently, the analyst consensus on Facebook is a Strong Buy with an average price target of $326.77, representing a 21.4% upside. In a report issued on January 11, Merrill Lynch also maintained a Buy rating on the stock.
Based on Facebook’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $21.47 billion and net profit of $7.85 billion. In comparison, last year the company earned revenue of $17.65 billion and had a net profit of $6.09 billion.
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Facebook, Inc. operates as a social networking company worldwide. The company engages in the development of social media applications for people to connect through mobile devices, personal computers, and other surfaces. It enables users to share opinions, ideas, photos, videos, and other activities online. The firm’s products include Facebook, Instagram, Messenger, WhatsApp, and Oculus. The company was founded by Mark Elliot Zuckerberg, Dustin Moskovitz, Chris R. Hughes, Andrew McCollum, and Eduardo P. Saverin on February 4, 2004 and is headquartered in Menlo Park, CA.