Shares of Facebook Inc. are up 1.3% in Thursday morning trading after Guggenheim analyst Michael Morris upgraded the stock to buy from neutral. The upgrade is reflective of Guggenheim’s “view that investors will continue to gain comfort with the incremental financial risk created by content and privacy concerns,” Morris wrote in a note to clients on Thursday. “At the same time, we believe usage trends have remained solid (domestic blue app maturity offset by Instagram and global growth) and see the potential for commerce and messaging monetization opportunities as attractively priced within shares.” He’s less upbeat about the company’s video strategy. Morris upped his target price to $200 from $175. (Source: MarketWatch)
On other hand, Facebook Inc’s messaging app WhatsApp on Thursday launched its WhatsApp Business app for Apple Inc’s iOS operating system, allowing small businesses to communicate with customers through the platform.
The service has been available on Android since last year and has over 5 million users.