Social media site owner Facebook Inc. (NASDAQ:FB) gained ground on Thursday, settling with investors following an announcement of a focus on mobile made during the F8 developer conference.
The CEO of the company, Mark Zuckerberg, stated in his keynote the ability to use Facebook to access third-party apps without providing personal data, which was not possible before. In addition Facebook apps will be able to ‘communicate’ among them to enhance mobile experience.
Facebook’s price was at $62.28 earlier Thursday, gaining around 3% in afternoon trading, moving above the middle of its 52-week range of $22.67 to $72.59.
The consensus price target stands at $74.11 for Facebook Inc. (NASDAQ:FB)’s stock, a 24% premium. The consensus rating is Buy with 8 Hold Ratings and 32 Buy rating. In addition, recently, Credit Suisse upgraded the stock to Outperform and raised its price target to $87 from $65.
Shares of eBay Inc (NASDAQ:EBAY) stayed unchanged, following a Wall Street Journal article that the company might pursue a big acquisition in the US. The source added that eBay plans to repatriate $9 billion in overseas cash back to the U.S., which will give it a $3 billion 2014 tax liability and could signal an intention of an acquisition. Moreover, the company settled a complaint with the Department of Justice that accused eBay of engaging in hiring practices that are considered anticompetitive.
eBay recently announced its plans to expand its investment in the PayPal division. WSJ said there are several VC-backed payment companies, including Square, that might be interested in a deal, due to an unfavorable tech-IPO market.
Analysts have a consensus price target of $62.39 on eBay Inc(NASDAQ:EBAY) which means a 14.4% premium. The consensus rating of the stock is Buy.
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