Marketplace a Natural Extension for Facebook (FB) - Baird
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Baird analyst Colin Sebastian reiterating an Outperform rating and $155 price target on Facebook (NASDAQ: FB) after the company formally announced Marketplace, a long-anticipated peer-to-peer commerce platform within the core Facebook app enabling users to buy products from local sellers.
Sebastian said the product lays the foundations for broader e-commence ambitions.
He commented, "Given Facebook's massive scale, user engagement, and treasure-trove of data, we believe that Marketplace is a natural extension of the company's social platform. While the service is currently targeted towards peer-to-peer transactions (akin to classified ads), we believe Facebook could leverage existing ad formats (including dynamic product ads) and investments in local services to evolve into a more traditional e-commerce offering."
Shares of Facebook closed at $128.27 yesterday.
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