Zuck Makes Positive Facebook (FB) Comments on Clubhouse, BofA Reiterates Buy

BofA Securities analyst Justin Post reiterated a Buy rating and $358.00 price target on Facebook (NASDAQ: FB) after CEO, Mark Zuckerberg, struck a less cautious tone on Thursday regarding Apple’s imminent privacy changes that will require permission to use Identifier for Advertisers (IDFA) data. After months of cautious company commentary, Zuckerberg told a discussion on Clubhouse, “I think the reality is I’m confident that we are going to be able to manage through that situation. And we’ll be in a good position. I think it’s possible that we may even be in a stronger position.” Mr. Zuckerberg indicated he now believed the changes could strengthen Facebook by encouraging sellers to go directly via Facebook’s commerce products, as targeted advertising on the platform was rendered less effective. "Apple's changes encourage more businesses to conduct commerce on our platforms, by making it harder for them to basically use their data in order to find the customers that would want to use their products outside of our platforms.”

The analyst stated "We think Facebook has high visibility on the potential IDFA change impact, as up to 30% of users have already opted out of using their data, and comments suggest Facebook will be able to manage through the changes without a material negative impact."

For an analyst ratings summary and ratings history on Facebook click here. For more ratings news on Facebook click here.

Shares of Facebook closed at $290.82 yesterday.

You May Also Be Interested In

• Kingsoft Cloud (KC) PT Raised to $21.40 at BofA Securities
• Raymond James Reiterates Strong Buy Rating on Marvell (MRVL) following custom silicon/warrant deal with Google
• BofA Securities Reinstates Zoom Video (ZM) at Buy