Shares of Facebook keep rising to new all-time highs as the firm gets ready to host its two-day Developer Conference in San Francisco starting tomorrow. Facebook shares broke an all-time high last week and have been drifting higher since then. Today the stock is up another 1.44% to around $85.66 per share.
The social media company has been in the news a lot lately as it continues to grow its advertising business, as well as launch new products and features such as sending money to friends through its messenger app.
Analysts have been boosting their price targets for the stock in recent days. JMP Securities analyst Ronald Josey has a new target of $97 up from $94, while Piper Jaffray's Eugene Munster raised his to $92 from $84. According to Bloomberg data, the average price target is $91.81, with 84.2 percent of analysts listing the company as a buy.
Sarah Hindlian of Brean Capital reiterated her buy rating in a note this morning. Hindlian was optimistic going into the conference saying, "Our Buy thesis is derived from our view that Facebook still has ample runway for growth through pricing leverage, continued user expansion, and the successful monetization of acquired platforms Instagram and WhatsApp."
Here is a chart of Facebook beginning when it had its IPO in May of 2012. Shares are up 126 percent since then.
(Bloomberg)
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