Having launched its news service in the United States in 2019, Facebook Inc (FB) revealed plans to introduce the feature in Germany, France, the United Kingdom, Brazil and India during the upcoming months.
Facebook shares closed higher for a second consecutive trading session on NASDAQ on Tuesday. It has also been the sharpest single-session gain since August 6th. The stock went up 3.47% ($9.43) to $280.82, after touching an intraday high at $283.09, or a fresh all-time high.
Shares of Facebook Inc have risen 36.82% so far in 2020 compared with a 6.59% gain for the benchmark index, S&P 500 (SPX).
In 2019, Facebook Inc’s stock went up 56.57%, thus, it again outperformed the S&P 500, which registered a 28.88% gain.
At present, the company’s news service receives paid content from US publishers and offers reporting from over 200 outlets.
The social media giant has faced heavy criticism in regard to its not sufficiently strict approach to fake news and disinformation campaigns, while, in response, its CEO Mark Zuckerberg has pledged that Facebook will prioritize trustworthy news reports in its feed only from quality outlets.
Analyst stock price forecast and recommendation
According to CNN Money, the 43 analysts, offering 12-month forecasts regarding Facebook Inc’s stock price, have a median target of $295.00, with a high estimate of $330.00 and a low estimate of $120.00. The median estimate represents a 5.05% upside compared to the closing price of $280.82 on August 25th.
The same media also reported that at least 37 out of 48 surveyed investment analysts had rated Facebook Inc’s stock as “Buy”, while 6 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.