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Citron sees FB shares hitting $160 in 2019, says scandals had little impact

Citron said Facebook has come a long way, turning the short-seller from a "one-time skeptic to a major bull"


Short-seller Citron Research on Wednesday backed Facebook Inc, saying the stock could hit $160 in 2019 as the company's revenue and user base have seen little impact from the reported data scandals and privacy issues this year. Shares of the social network rose as much as 4.4 per cent to $129.57 after Citron's report. They are down 28 per cent this year. "We believe investors will be rewarded by the shift of user behavior to Instagram shopping and the personalisation of the commerce process," according to Citron's research note. Citron said Facebook has ...

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First Published: Wed, December 26 2018. 22:37 IST