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MarketWatch MarketPulseApr 26, 2018
Facebook stock rises after Stifel calls it 'too cheap to ignore'
Stifel analyst Scott Devitt upgraded Facebook Inc. shares to buy from hold on Thursday afternoon, citing the company's strong earnings results and valuation. "With the information available now, FB stock is too cheap to ignore despite its challenges," wrote Devitt, who moved to the sidelines on Facebook's stock back in January. Shares are up 0.8% in after-hours trading. Devitt is concerned about "platform fatigue" for the core Facebook product as well as the threat of regulatory action, but he and his team "respect the fact that Facebook owns the next three largest social/messaging platforms (ex-China), a hedge against potential negative long-term core usage trends." He believes that the monetization of messaging platforms WhatsApp and Messenger is "closer than ever" through products like WhatsApp for Business and inbox display ads on Messenger. Devitt raised his target to $202 from $175. Facebook shares closed up 9.1% in Thursday's session but are down 1.3% so far this year, compared with a 0.3% drop for the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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