Facebook shares surge 8%
Stock has rallied 31% in 2 weeks
CBC News
Posted: Nov 26, 2012 11:05 AM ET
Last Updated: Nov 26, 2012 4:25 PM ET
Analyst Sanford C. Bernstein says the market may have underestimated Facebook’s revenue growth over the next year or two. (Stoyan Nenov/Reuters)
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Shares in the world’s largest social networking company, Facebook, continue to rally.
The stock closed higher by $1.94, or 8.09 per cent, at $25.94 US on heavy volume Monday after analyst Sanford C. Bernstein raised its rating from a prediction that the shares would match performance of the broader market to a forecast that they would outperform.
It said the market may have underestimated Facebook’s revenue growth over the next year or two.
Facebook has gained 31 per cent since Nov. 12 as other analysts, including BTIG Research and Cantor Fitzgerald, have recommended the stock.
But it still below its initial public offering price in May of $38.
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