Facebook stock closes at all-time record high

Last Updated: Sat, Jul 07, 2018 17:12 hrs
Facebook

New York: Facebook stock closed at an all-time record high of USD 203.23.

Investors are loving the social network more than ever that saw its stocks dipping earlier in 2018 when it was under an intense probe over data breach from the US and European governments, Fortune reported.

While previous consensus estimates had Facebook revenue projections for 2020 at USD 87.5 billion, BTIG is now modeling USD 95.4 billion.

The firm currently has Facebook with a buy rating and a price target of $275, Fortune adds.

After grabbing attention in 2012, Facebook has seen its stock rise more than 400 percent.

Facebook has already been grappling with privacy issues like the Cambridge Analytica data scandal involving 87 million users and another bug that changed 14 million users' privacy setting defaults to public.

This all-time record comes a day after Facebook CEO Mark Zuckerberg was announced as the world's third-richest person with a net worth of USD 81.6 billion, reported CNNMoney.



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