Facebook Shares Up ~4% as JP Morgan Sees comScore Data as Boding Well for Engagement Levels
Shares of Facebook (NASDAQ: FB) are trading up about 4 percent Friday as investors are cheering a bullish note from analysts at JP Morgan led by Doug Anmuth.
Anmuth highlighted comScore data from Thursday and suggested the data indicates "continued solid engagement metrics for Facebook across desktop and mobile in the U.S." The JP Morgan analyst noted although engagement continues to be a worry for some, "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."
Anmuth and friends maintain an Overweight rating and $44 price target on shares of Facebook.
With the stock trading just under $40 at last check, JP Morgan's price target represents potential upside of about 10 percent.
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