Facebook Stock Rallies On Earnings Report That Was Better Than Feared
Summary
Facebook stock jumped Wednesday, following a quarterly earnings report late Tuesday that was not as bad as analysts feared, though the company received several price target cuts."Overall, we believe last nights conference call had the potential to be much worse than it actually was," Monnes Crespi Hardt analyst Brian White said in a note to clients.FBN Securities analyst Shebly Seyrafi cut his price target on Facebook stock to 190 from 200, with a rating of outperform."Even though we retain our positive stance on the equity, the company is undergoing challenging transitions right now with the move to video, Stories, and private messaging," he wrote in his report to clients."The revenue trajectory from here seems to depend on how effectively the company is able to switch from a news feed-centric platform to Stories as the primary driver," Kelley wrote.