J.P. Morgan Reiterates Overweight on Facebook Following July Mobile Data Release
In a report published Friday, J.P. Morgan analyst Doug Anmuth reiterated an Overweight rating and $44.00 price target on Facebook (NASDAQ: FB).
In the report, J.P. Morgan noted, “comScore's July mobile data released last night showed continued solid engagement metrics for Facebook across desktop and mobile in the U.S. Engagement concerns among investors have eased some since 2Q earnings as Facebook confirmed that time spent per user continues to increase, internal data shows steady usage and engagement among teens, and of course monetization has improved. Still, engagement remains a concern for some, but we continue to believe that Facebook's strong mobile usage is offsetting desktop declines and that competing services are having only a modest impact on Facebook.”
Facebook closed on Thursday at $38.55.
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