INTERNATIONAL - Facebook is picking security of its platform over near-term profits, but Wall Street analysts remain unfazed.
At least 13 brokerages raised their price target on shares in the world’s largest social network following Wednesday’s quarterly results, with RBC Capital Markets making the most bullish move and raising its target $35 (R490) to $230 (R3217).
The median price target was $208. Shares of the company were down a little less than 1percent in premarket trading yesterday but were still up nearly 60percent this year after hitting a high on Wednesday. Facebook faced harsh criticism in Washington over its failure to prevent Russian operatives from using its platform for election meddling, but the earnings report showed how insulated it remains from political risk.