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Facebook Inc (NASDAQ:FB) shares reversed after hitting an all-time high on Thursday. Sell-side analysts have weighed in on the future of the social media giant following its monster fourth-quarter earnings beat on Wednesday.
Analysts Remain Bullish
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“We remain buyers of FB and see revenue estimates likely to move higher this year. As estimates move higher going forward we think shares can migrate higher, though some near term indigestion wouldn’t surprise us given the magnitude of 2017 investment levels,” said Deutsche Bank analysts.
The German bank noted that Facebook’s managements tone around 2017 ad revenue growth remains cautious. Revenue delivered 53 percent advertising growth in the fourth quarter. Deutsche Bank upped its price target on Facebook from $150 to $155 and maintains a Buy rating.
Wedbush had an even more bullish outlook on the social media giant, upping their price target to $175 from $162 and maintaining an Outperform rating. Wedbush noted the company’s huge competitive advantage, with nearly 1.9 billion monthly active users and 4 million advertisers as a key catalyst moving forward.
“We expect rapid growth overseas, and expanded monetization of under-penetrated Instagram, WhatsApp, and Messanger over the coming years. Facebook’s initiatives position it for long term growth, which we anticipate to continue for the next decade,” said Wedbush analysts on Thursday.
Baird Equity Research followed suit raising its price target to $163 from $155, while maintaining an Outperform rating. Facebook remains a top pick for Baird despite shares being up 16 percent year-to-date.
Additional Commentary
“Facebook’s excellent quarter comes as no surprise to entrepreneurs and small business owners who have come to rely on Facebook as a marketing machine. No other existing network has been as innovative as Facebook, capitalizing on its ads platform, which it has continued to improve by adding video capabilities and optimizing the mobile experience- the company is keeping competitors at bay for now," social media marketing expert Cassie Howard told Benzinga.
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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.