BofA On Facebook’s Facelift To Meta, Analyst Maintains $400 Price Target
Written by ABC AUDIO on October 30, 2021
Fb, Inc. (NASDAQ:FB) Thursday launched a sequence of recent merchandise within the augmented and digital actuality class throughout its Fb Join Convention.
The rebranding of Fb to Meta highlights the rising significance of non-Fb apps like Instagram and WhatsApp, and will make a distinction within the firm’s unfavorable model notion, in accordance with BofA Securities.
The Fb Analyst: Justin Submit maintained a Purchase ranking on Fb with a $400 worth goal.
The Fb Takeaways: Whereas Fb will management the {hardware} specs and working system, it expects the metaverse to achieve 1 billion folks and generate a whole lot of billions of {dollars} in income, Submit stated in a be aware.
“If Avenue was questioning Fb’s dedication to the Metaverse, there are not any questions now with $10bn annual funding and new identify,” the analyst wrote.
“Daring bulletins at Join counsel FB is making an attempt to speed up AR/VR improvement,” Submit stated. “Horizon platform identify change might doubtlessly be a step towards opening the metaverse to non-FB gadgets,” he added.
“Whereas VR gaming is already considerably established, we see fascinating use instances in a number of areas with multi-billion income alternatives,” the analyst additional talked about.
FB Worth Motion: Fb shares had been up 2.33% at $324.32 Friday afternoon.
Associated Hyperlink: Why The Fb Identify Change Is A Large Deal, In accordance To Gene Munster
Fb CEO Mark Zuckerberg. Courtesy picture.
— to www.benzinga.com
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