Detusche Bank says “The worst is likely behind” at Facebook (NASDAQ:FB), in an update after hearing company CEO Mark Zuckerberg speak to reporters last night.
Shares are up 3.6% premarket after closing fractionally down yesterday.
In particular, a contrite Zuckerberg said Facebook isn’t seeing meaningful impact to advertising or users from the Cambridge Analytica data-handling scandal.
While cautioning that “admittedly a lot rides on Zuckerberg’s Congressional testimony” in the coming week, and he looks to that and an April 25 earnings call as catalysts. “We suspect that looking back a year from now, if not sooner, this episode will have been a uniquely compelling buying opportunity in the megacap Internet space,” analyst Lloyd Walmsley says,
Meanwhile, BofA Merrill Lynch is maintaining its Buy rating and a $210 price target, implying 35% upside./investing.com
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