Facebook stocks jumps 2.5% after Instinet upgrades to buy
Instinet analysts upgraded Facebook Inc. stock to buy from neutral on Monday, and raised its price target to $215 from $172. Analyst Mark Kelley said he had downgraded the stock last year because he thought the transition to the video-sharing feature Stories would take longer than bulls were expecting. "However, as we heard at industry events earlier this year and in our own conversations, the transition appears to be occurring more quickly than we expected, lessening our concern," Kelley wrote in a note to clients. The analyst raised his fiscal 2019 estimated EBITDA (earnings before interest, taxes, depreciation and amortization) to $36.2 billion from $35.6 billion and raised his fiscal 2020 estimate to $46.3 billion from $41.3 billion. Facebook shares were up 2.5% Monday and have gained 32% in 2019 so far, while the S&P 500 has gained 10%.
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