Facebook Inc (NASDAQ:FB) stock has outperformed the market year-to-date (YTD) amid commercial challenges which the social media sector is facing nowadays. In the current scenario, even Twitter Inc (NYSE:TWTR) couldn’t perform well in terms of profitability but Facebook is performing opposite to the industry trends and has maintained its momentum so far. Moreover, the growth in users of Messaging app is another factor which adds to chances of further increase in Facebook stock price. Therefore, Evercore ISI analyst, Ken Sena has upgraded the price target to $150 from $140 while maintaining a Buy rating.
Evercore ISI analyst is of the view that let alone Facebook Messenger and WhatsApp users are greater than the audience offered by iOS and Android to developers. Facebook currently has combined 1.8 billion users of Facebook Messenger and WhatsApp, which is expected to grow at a greater pace in the coming years. The world is now connected through messaging apps and the usage of these apps is expected to grow further with the advancement in technology and increase usage of Internet.
According to the research firm Facebook is among the best positioned stock on the back of expected growth in messaging app and artificial intelligence capabilities. Wall Street analysts suggest a consensus price target of $135 for Facebook stock, which closed at $113.69 up 0.57% on March 28.