Wedbush Securities Reiterates Outperform Rating, $35 PT on Facebook
In a report published Wednesday, Wedbush Securities reiterated its Outperform rating and $35.00 price target on Facebook (NASDAQ: FB).
Wedbush Securities noted, “On Tuesday, Facebook unveiled Graph Search, a curated search tool that allows users to access information from Facebook's Social Graph that gives them more relevant search results. The new Graph Search bar will appear at the top of the page when the user accesses Facebook. With the new tool, users will be able to search for people, photos, places, and interests, with the relevant results shown below the bar. Examples of search phrases provided by the company include ‘friends of friends who have been to Yosemite National Park', ‘Indian restaurants liked by my friends from India,' and ‘languages my friends speak', among others. Search results can be derived from the wider Facebook universe and not just from friends, if that is the user's preference. However, posts and interests that were private before Graph Search will remain private going forward. Graph Search is currently in a beta period, and the rollout is expected to take some time as the company learns how users engage the new tool, and how to improve it. Graph Search is currently available in English only, but other languages will eventually be introduced, as well as a mobile version and an API.”
Facebook closed on Tuesday at $30.10.
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