According to some reports, Big Tech stocks have lost nearly $1 billion in value in recent weeks, with Facebook's traoubles being mainly tied to persistent new reports about its uncscrupulous pursuit of "profits over people."
Chief Investment Officer magazine writes JPMorgan analysts are now pointing to Facebook (BYSE ticker: FB) as a bargain buy in the face of the onslaught of negative press.
“FB’s ad platform consisting of more than 10 million advertisers is extremely resilient, and although some marketers may want to shift spend away or reduce bid levels at certain times, we believe there are plenty of others who are eager to capture that inventory,” JPM analyst Doug Anmuth wrote.
JPM’s target price for FB, currently trading at $329.79 is $450 in 12 months.
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