Credit Suisse hikes Facebook price target

Thursday, 29. July 2021 10:12

Credit Suisse raised Facebook's price target from $480 to $500 on Thursday.

The move comes after the social media giant reported better-than-expected results a day earlier. Facebook said its revenue surged 56% to $29.1 billion in the second quarter while net income skyrocketed 101%.

Earlier in the week, the company also said it is working on creating a "metaverse," which Facebook CEO Mark Zuckerberg described as "a virtual environment where you can be present with people in digital spaces. You can kind of think of this as an embodied internet that you’re inside of rather than just looking at."

Related Links: Facebook Inc.
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Breaking the News / NP