Stock analysts lauded the company’s new shopping section which is projected to become a strong contender in the e-commerce space, with strong growth potential for the social media giant.
According to Bloomberg, shares of Facebook have more than doubled since their 52-week intraday low of $137.10 in mid-March.
The stock closed at a record $303.91, rising for a third straight day. JMP Securities, which rates Facebook at a buy-equivalent rating of market outperform with a price target of $305, said there are “multiple catalysts” for Facebook, and e-commerce “can be a significant opportunity.”
Stifel, which rates Facebook a buy, said the accelerated roll-out of the Shop service “suggests the benefits to growth could be evident as early as 2021,” and Facebook waiving selling fees in 2020 “could accelerate the adoption of these tools.”
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