Facebook shares gain for a second straight session on Tuesday, WhatsApp to limit message forwarding to one chat at a time

In an attempt to keep conversations personal and private, Facebook’s WhatsApp intends to limit message forwarding to one chat at a time, it said in a Tuesday blog post.

Since 2019 one user has been able to forward messages to 5 individuals or groups at once. Previously, the limit was set to 20.

Facebook shares closed higher for a second consecutive trading session on NASDAQ on Tuesday. The stock went up 1.98% ($3.28) to $168.83, after touching an intraday high at $173.35, or a price level not seen since March 11th ($175.88).

Shares of Facebook Inc have retreated 17.74% so far in 2020 compared with a 17.69% loss for the benchmark index, S&P 500 (SPX).

In 2019, Facebook Inc’s stock went up 56.57%, thus, it outperformed the S&P 500, which registered a 28.88% gain.

“…we’ve seen a significant increase in the amount of forwarding which users have told us can feel overwhelming and can contribute to the spread of misinformation. We believe it’s important to slow the spread of these messages down to keep WhatsApp a place for personal conversation,” WhatsApp said in the post.

“In addition to this change, we are working directly with NGOs and governments, including the World Health Organization and over 20 national health ministries, to help connect people with accurate information. Together these trusted authorities have sent hundreds of millions of messages directly to people requesting information and advice,” WhatsApp also noted.

Analyst stock price forecast and recommendation

According to CNN Money, the 44 analysts, offering 12-month forecasts regarding Facebook Inc’s stock price, have a median target of $228.00, with a high estimate of $300.00 and a low estimate of $170.00. The median estimate represents a 35.05% upside compared to the closing price of $168.83 on April 7th.

The same media also reported that at least 39 out of 49 surveyed investment analysts had rated Facebook Inc’s stock as “Buy”, while 4 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.

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