Facebook Shares Edge Higher After Hours Following Upgrade to Buy from BTIG's Greenfield
BTIG's Rich Greenfield issued an after-hours upgrade on shares of Facebook (NASDAQ: FB) Tuesday. The analyst now rates the stock with a Buy, up from Neutral previously. He set a $68 price target on shares of Facebook.
Greenfield said the upgrade is related to the assumption "Facebook mobile advertising has gotten notably better and that consumers, at least for now, do not appear to be reducing their usage based on the heavy ad-load." The analyst believes Instagram is an asset which could eventually "redefine what advertising means, particularly on mobile devices."
The BTIG analyst recommended looking at the firm's blog for further details. Check the blog here (a login is required).
With shares of Facebook trading up about a half percent to $49.70 in the post-market trading session, Greenfield's new target suggests potential upside of about 37 percent.
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