Facebook's (NASDAQ:FB) long-term investment case has never been more compelling than it is today.
What's next for the stock?
Following its earnings release Wednesday evening, Facebook's shares gained more than 8% in the after-hours session, underlining pent-up demand for its shares in a market that's likely to continue paying a premium for mega-cap tech stocks until some level of certainty comes back to the real economy, particularly in the travel, auto and energy sectors that have been hit worst due to travel restrictions.
Sentiment on Wall Street suggests more upside ahead for Facebook. Mizuho Securities analyst James Lee raised the price target on the stock to $245 from $220, while Rosenblatt analyst Mark Zgutowicz has raised the rice target from $223 to $244.