The boom in virtual and augmented reality would benefit Facebook, the firm believes
Published By: Ken Bock on December 28, 2016 02:14 pm EST
Earlier today, Ken Sena, an analyst at research firm Evercore ISI, made a list of the top seven Internet-based companies he believes would outshine the overall market next year. These included the likes of Amazon and Alibaba. The list also included another well-known name: Facebook Inc. (NASDAQ:FB).
The analyst said that Facebook remains very well-positioned among other Internet-based companies to grow significantly next year. This is because it remains a market leader in user engagement and audience scaling. He also pointed out the rising data integration and capabilities between the company and its partners and said that the social media giant would benefit from these next year. Additionally, Mr. Sena believes the rising popularity of virtual and augmented reality as well as videos would further benefit Facebook.
The consensus is mostly bullish on Facebook shares. The data on FactSet says 35 analysts have a Buy rating, four have an Overweight, three have a Hold, while only one analyst has a Sell rating on Facebook shares. The consensus price target stands at $155.23, suggesting the stock has 31.54% upside potential over the last close. Mr. Sena, on the other hand, did not alter his Buy rating and $155 price target on Facebook.