KeyBanc Raises Facebook, Inc. (NASDAQ:FB) Target Price To $ 340.00

KeyBanc has raised its target price by $ 10 on Facebook, Inc. (NASDAQ:FB) to $ 340.00 from the previous mark of $ 330.00, suggesting the upside potential of more than 19.39 percent from the existing levels. However, the brokerage has maintained its Overweight rating on the stock, Benzinga reported.

Shares of Facebook, Inc. traded up $ 6.67 or 2.40 percent on Friday, reaching $ 284.79 with volume of 16.89 million shares. Facebook, Inc. has traded high as $ 285.24 and has cracked $ 276.84 on the downward trend According to the previous trading day, closing price of $ 284.79, representing a 102.86 % increase from the 52 week low of $ 137.10 and a 8.71 % decrease over the 52 week high of $ 304.67.

With respect to the key metrics, Facebook, Inc. stock has advanced $ 43.92 or 18.00 percent, reaching $ 240.87 during the simple moving average (SMA) period of 200 days. Similarly, the stock has increased $ 20.41 or 8.00 percent, before arriving at $ 264.38 during the SMA50-day period.

Facebook, Inc. recently reported second quarter financial results on July 30, 2020, after market close, the Menlo Park based company recorded income for the second quarter of $ 1.80 per share, from the revenue of $ 18,687.00 million. The quarterly earnings extended 97.80 percent while revenues elevated 10.67 percent compared with the same quarter last year.

Moving ahead, the analysts surveyed by Thomson Reuters are predicting, Facebook, Inc. to report 3Q20 income of $ 1.89 per share from revenue of $ 19725.10 million. For the full year, analysts anticipate top line of $ 80239.70 million, while looking forward to income of $ 8.05 per share bottom line.

Facebook, Inc. provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. The companys products include Facebook that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing photos, videos, and messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application for use by people and businesses to communicate in a private way.