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Analysts at Baird recently summarized their outlook for Facebook Inc (NASDAQ: FB) following this week's F8 developer conference.
Among the topics that analysts discuss in the new report are the company's decision to open its Messenger platform to third-party developers, Internet-of-Things support for Facebook's Parse mobile development platform and video embedding.
Messenger Strategy
While the decision for Facebook to separate its Messenger app from the main Facebook app was initially met with some criticism, analysts see the decision as a long-term positive.
Analysts believe that Facebook's strategy of providing tools for developers to use to increase the usefulness and reach of their apps is paving the way for a smoother, more engaging environment for Messenger's users.
Internet-of-Things And Virtual Reality
At the F8 conference, Facebook presented new features for its mobile development platform Parse. Among the new features are development kits to support Internet-of-Things connectivity.
Facebook also unveiled new 3D spherical video features for its newsfeed.
The new feature will likely be launched in coming months, and analysts see the move as the next step in the evolution in social media away from text-based interactions and toward more engaging forms of socialization.
Embedded Video
Facebook sees both video embedding and the expansion of LiveRail's mobile video exchange as growth opportunities. Analysts believe that these changes will increase returns for advertisers and lead to more relevant ad content for users.
Stock Outlook
Overall, Baird is bullish on Facebook's stock. "Facebook's annual conference reinforced our view that the company remains particularly well positioned as a dominant mobile and social platform," analysts explain.
Baird has an Outperform rating on Facebook, and analysts raised their target for the stock from $93 to $96.
Image credit: Public Domain
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.
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