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Fly News Breaks for March 20, 2018
FB
Mar 20, 2018 | 07:34 EDT
Facebook is taking proactive steps to address the Cambridge Analytica situation and broader data protection concerns through business model iteration, UBS analyst Eric Sheridan tells investors in a research note. Longer term changes in the regulation of social media platforms and the collection/use of fist party data remain the main risk factor for Facebook, the analyst adds. He believes, however, that "current positive ad trends" run counter to investor fears. Sheridan keeps a Buy rating on Facebook with a $215 price target.
News For FB From the Last 2 Days
FB
Sep 25, 2018 | 11:37 EDT
Shares of Square (SQ) are on the rise after Nomura Instinet analyst Dan Dolev raised his price target on the stock to $125, a Street-high according to Bloomberg. Dolev believes Square should be the newest member of the FANG complex of Facebook (FB), Amazon (AMZN), Netflix (NFLX) and Google (GOOGL; GOOG), as he believes it is "en route to disrupt the global payments ecosystem." SIMILAR TO FANG DISRUPTORS: In a research note this morning, Nomura Instinet's Dolev raised his price target for Square to $125 from $86, while reiterating a Buy rating on the stock. The analyst pointed out that his analysis of Square's fundamentals highlights buoyant GPV, revenue and marketing efficacy trends. Among the key positives are the rapid growth in GPV from large sellers, a "dramatic" acceleration in GPV growth derivatives, improving marketing efficacy, and Cash App downloads already exceeding PayPal's (PYPL) Venmo by over 1M, he contended. Furthermore, Dolev argued that similar to FANG stocks that have disrupted traditional markets with massive global TAMs, Square's fully cohesive solutions and rapid rate of innovation suggest that it is "en route to disrupt the global payments ecosystem." The analyst noted that he does not believe Square is too expensive, given its "stellar" 45% expected three-year revenue CAGR, which makes it screen more attractively than many payment peers and FANG stocks. PEERS ALSO RAISE TARGET: Meanwhile, Jefferies analyst John Hechlt also raised his price target for Square to $88 from $63 this morning after taking a detailed look at the company's non-payments businesses. The analyst, however, kept a Hold rating on the shares. Various sum-of-the-parts analyses point to current premium valuations for each segment, suggesting "strong growth and successful execution is likely priced-in," Hecht contended. While Square's Subscription & Services products are "no doubt well positioned," the stock's valuation remains full, he added. Last week, two other Wall Street analysts had increased their price targets on Square. Citing the findings of her analysis of Square Cash App monetization, Evercore ISI analyst Rayna Kumar raised her price target on the stock to $101 from $76 and reiterated an Outperform rating on the shares. Kumar believes the company's new product features over the last two years will likely become a "material driver to both revenue and earnings over time". The analyst expects the app to contribute up to 16c to Square's FY20 EPS, 30c to FY21 EPS, and 40c in FY22 EPS, stating that the company's monetization strategy is in the "early innings." Also bullish on the company's momentum, Stifel analyst Scott Devitt raised his price target for Square to $100 from $76. The analyst said he expects continued momentum from larger sellers as Square's retail ecosystem keeps evolving and sees the company's partnership efforts expanding its reach and potential for cross- and up-selling. Devitt reiterated a Buy rating on the shares. PRICE ACTION: In morning trading, shares of Square have gained over 6% to $91.55.
FB
Sep 25, 2018 | 11:23 EDT
SunTrust analyst Youssef Squali maintained a Buy rating and $200 price target on Facebook following the departure of Instagram co-founders Kevin Systrom and Mike Krieger. In a research note to investors, the analyst notes that the departures are the "latest in a string" of high profile departures in recent months, including WhatsApp co-founders Jan Koum and Brian Acton and VP and General Counsel Colin Stretch, and follows a restructuring earlier this year that reorganized the entire company. Squali contends that Instagram is "in a good place" and is being left with "stable footing," as well as "impressive" growth in users as Stories DAUs, adding that product cadence has slowed and it is entering a new phase of its life. Squali feels a deeper integration with Facebook could lead to an improved advertising product and monetization, which Systrom and Krieger may have been more resistant to, and does not see any material changes at the Facebook unit in the near-term.
FB
Sep 25, 2018 | 09:22 EDT
HIGHER: Arena Pharmaceuticals (ARNA), up 4% after positive topline results from its Phase 2a trial of olorinab, an investigational, full agonist of the cannabinoid receptor 2 in development for the treatment of gastrointestinal pain... Tenaris (TS), up 4% after BofA Merrill Lynch analyst Joao Vicor Lorenzi double upgraded the stock to Buy from Underperform and raised its price target to $40 from $30. Lorenzi expects Tenaris to benefit from a sustained, broad-based recovery in its end markets that should result in a muli-year period of strong earnings momentum... Tilray (TLRY) and Cronos (CRON), up 18% and 4% respectively after New York's Governor yesterday afternoon announced his signing of a bill adding pain management as a condition for medical marijuana. DOWN AFTER EARNINGS: FactSet (FDS), down 5%. LOWER: Opiant Therapeutics (OPNT), down 19% after announcing a common stock offering... TG Therapeutics (TGTX), down 28% after a safety review board said the company's UNITY-CLL trial ORR analysis can not be conducted... CenturyLink (CTL), down 4% after CFO departure... Digital Realty (DLR), down 3% after its 8.5M share secondary offering priced at $113.00... Facebook (FB), down 2% after reports that Instagram co-founders Kevin Systrom and Mike Krieger left the company amid frustrations with Facebook.
FB
Sep 25, 2018 | 06:24 EDT
The U.S. Justice Department will hold a "listening session" with officials from more than a dozen states on Tuesday to discuss consumer protection and the technology industry, Reuters reports, citing an agency official. U.S. Attorney General Jeff Sessions will meet with attorneys general or representatives from more than a dozen states, including California, Louisiana, Missouri, Nebraska, and Texas, according to the official. Public companies in the space include Facebook (FB), Google (GOOG, GOOGL) and Twitter (TWTR). Reference Link
FB
Sep 25, 2018 | 06:11 EDT
Google is pushing deeper into Stories, it said in a blog post. Google, which has allowed some publishers to create Stories since February, is going to start using artificial intelligence to create its own Stories that will appear in Google search and image results. "We're starting today with stories about notable people-like celebrities and athletes-providing a glimpse into facts and important moments from their lives in a rich, visual format. This format lets you easily tap to the articles for more information and provides a new way to discover content from the web." The company also said, "We launched Google Lens last year to help you do more with what you see. People are already using it in their camera and on their photos-to find items in an outfit they like, learn more about landmarks, or identify that cute dog in the park. In the coming weeks, we'll bring Lens to Google Images to help you explore and learn more about visual content you find during your searches." Reference Link
FB
Sep 25, 2018 | 06:05 EDT
Instagram co-founders Kevin Systrom and Mike Krieger are departing the company they built amid frustration and agitation with Facebook CEO Mark Zuckerberg's increased control over Instagram, Recode reports, citing sources. The co-founders of the platform, which was sold to Facebook in 2012 for $1B, have disagreed with Zuckerberg on several recent product changes, including changes to comments and how posts are between the two networks. Reference Link
FB
Sep 25, 2018 | 05:59 EDT
In a statement from Instagram co-founder and CEO Kevin Systrom, the executive confirms that he and co-founder and CTO Mike Krieger will step down. "Mike and I are grateful for the last eight years at Instagram and six years with the Facebook team. We've grown from 13 people to over a thousand with offices around the world, all while building products used and loved by a community of over one billion. We're now ready for our next chapter. We're planning on taking some time off to explore our curiosity and creativity again. Building new things requires that we step back, understand what inspires us and match that with what the world needs; that's what we plan to do. We remain excited for the future of Instagram and Facebook in the coming years as we transition from leaders to two users in a billion. We look forward to watching what these innovative and extraordinary companies do next." Reference Link
FB
Sep 25, 2018 | 05:58 EDT
nstagram co-founders Kevin Systrom and Mike Krieger are resigning from the company, The New York Times reports, citing sources. Systrom and Krieger, who founded Instagram 2010 and sold it to Facebook in 2012 for $1B, told Facebook executives on Monday that they were leaving the company. Systrom, Instagram's CEO, and Krieger, the company's CTO, have disagreed with Zuckerberg on a handful of recent product changes, including changes to comments and how posts are shared between the two networks. Reference Link
FB
Sep 25, 2018 | 05:18 EDT
Nomura Instinet analyst Dan Dolev raised his price target for Square (SQ) to $125 from $86 and keeps a Buy rating on the shares. The stock closed yesterday up 75c to $86.04. The analyst's analysis of Square's fundamentals indicates "buoyant" gross payment volume, revenue and marketing efficacy trends. The company's "fully cohesive solutions and rapid rate of innovation" suggest that it is en route to disrupt the global payments ecosystem, Dolev tells investors in a research note titled "Improving Momentum Means $125 Is Within Reach." He believes this is similar to the FANG stocks, or Facebook (FB), Amazon.com (AMZN), Netflix (NFLX) and Google (GOOG, GOOGL), that have "disrupted traditional markets with massive" global total addressable markets. Further, Dolev believes shares of Square are not too expensive when taking into account its "stellar" 45% expected three-year annual revenue growth, which he thinks "makes it screen more attractively than many payment peers and FANG stocks."
FB
Sep 24, 2018 | 06:26 EDT
The White House is considering an antitrust investigation into "online platform bias" at Google (GOOG, GOOGL) and Facebook (FB), Business Insider reports. A proposed executive order would ask federal law enforcement to "thoroughly investigate whether any online platform has acted in violation of the antitrust laws," to "protect competition among online platforms and address online platform bias." President Donald Trump has previously said, "Social Media is totally discriminating against Republican/Conservative voices," but there is currently no evidence that either Google or Facebook systematically discriminate against conservatives. Reference Link
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