NEWS AND EVENTS | 2019-09-16
Cit and other major analysts love Facebook as it heads into earnings after the bell
“We see potential for upside to our above consensus numbers, as our field checks point to steady performance on Facebook, and continued outsized growth on Instagram and Stories,” Cit said.
“Our best idea into earnings, we believe 2Q results will influence sell side models higher with a strong possibility of beats on both the top and bottom lines,” Evercore ISI said.
Facebook continues to generate a variety of negative headlines including privacy issues, potential regulation, and controversy over its recently announced Libra currency. On Wednesday morning, Facebook also finally announced its long awaited $5 billion settlement with the FTC over the company’s privacy policies.
Wall Street analysts, however, are undeterred and are sticking by the stock into the company’s earnings report after the bell.
Shares are up more than 50% this year, which is the highest among the so-called FAANG stocks. FAANG is a group of internet and tech stocks including Facebook, Amazon, Apple, Netflix, and Google.