Facebook tops $40 as J.P. Morgan cites momentum
SAN FRANCISCO (MarketWatch) – Shares of Facebook Inc. jumped Friday, topping , on an upbeat J.P. Morgan note that cited “solid trends in overall engagement” among both mobile and desktop users. Facebook was trading up 4.3% to .20. In a note, J.P. Morgan analyst Doug Anmuth, citing new data from comScore, said, “We continue to believe that Facebook’s strong mobile usage is offsetting desktop declines and that competing services are having only a modest impact on Facebook.” J.P. Morgan has an overweight rating on Facebook with a price target of . Facebook shares have jumped more than 50% year-to-date, after struggling for months to climb past its initial public offering price of .
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