Facebook Climbs Above $300 for First Time on E-Commerce Bets
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Facebook Inc.’s gains accelerated Wednesday, sending shares higher by 8.2%, as analysts hailed a new shopping section on its namesake social network, projecting strong e-commerce growth potential.
The stock closed at a record $303.91, rising for a third straight day. JMP Securities, which rates Facebook at a buy-equivalent rating of market outperform with a price target of $305, said there are “multiple catalysts” for Facebook, and e-commerce “can be a significant opportunity.” There is “a clear line of sight to monetizing” the new section, dubbed Facebook Shop, according to analyst Ronald Josey.