Facebook Shares Hit All-Time High


The stock, which is infamous for its rocky IPO, is up 75 percent in two months.

Shares of Facebook hit an all-time high Friday after a Wall Street firm upgraded the stock and predicted big growth in advertising revenue at the world's dominant online social network.

Cowen & Co. analysts John Blackledge and Thomas Champion upgraded Facebook shares to "outperform" and significantly adjusted their price target to $53, up from just $29 previously.

Facebook shares, which have already run up some 75 percent in two months, rose 2 percent on Thursday to $47.49. Earlier in the day, they touched $47.60, a new high for the stock, which famously was considered a bust when it debuted 16 months ago and promptly plunged more than 50 percent.

The Cowen analysts said they expect advertising revenue to hit $6.5 billion this year and grow to $25.9 billion in 2018. The analysts are also bullish on Instagram, which is owned by Facebook and will presumably begin to generate advertising revenue next year.

Recommended Stories

comments powered by Disqus