On Tuesday, analysts at Credit Suisse lowered the price target on shares of Facebook Inc (NASDAQ: FB) to $90 from $92 and maintained the Outperform rating.
Stephen Ju wrote, "We modestly decrease our near term advertising revenue estimates to account for recent strengthening of the US Dollar versus other major currencies."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Ju feels that the recent currency fluctuations that will likely have a negative impact on Facebook's international business. Consequently, the analyst lowered advertising revenue forecasts by ~110 basis points to $2.71 billion.
Shares of Facebook recently traded at $73.70, up 1 percent.