BREAKING NEWS

Facebook shares could hit $160 in 2019 - Citron

Facebook shares could hit $160 in 2019 - Citron
FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration/File Photo -
Copyright
Dado Ruvic(Reuters)
Text size Aa Aa

(Reuters) – Short-seller Citron Research on Wednesday backed Facebook Inc <FB.O>, saying the stock could hit $160 (126.13 pounds) in 2019 as the company’s revenue and user base have seen little impact from the reported data scandals and privacy issues this year.

Shares of the social network rose as much as 4.4 percent to $129.57 after Citron’s report. They are down 28 percent this year.

“We believe investors will be rewarded by the shift of user behaviour to Instagram shopping and the personalisation of the commerce process,” according to Citron’s research note.

Citron said Facebook has come a long way, turning the short-seller from a “one-time sceptic to a major bull”.

“As investors have become overly concerned about the short-term noise of privacy and propaganda, they have forgotten to look at the earnings power and potential of the most advanced advertising tool with global reach in messaging, networking, and the future of shopping,” the short-seller said.

(Reporting by Sonam Rai in Bengaluru; Editing by Anil D’Silva)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.