Facebook upgraded to Outperform from Market Perform at BMO Capital - InvestingChannel

Facebook upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Daniel Salmon upgraded Facebook (FB) to Outperform from Market Perform with a price target of $325, up from $270. The analyst sees Apple’s (AAPL) rollout of the App Tracking Transparency prompt and subsequent limitations on identifier for advertiser marking as the peak for Facebook’s “headwinds from targeting.” Apple’s move acts as a “clearing event” for the broader issue, Salmon tells investors in a research note. From here, vertical integration for e-commerce and more server to server integrations for advertising should help drive a narrative about Facebook having “greater control over its revenue destiny,” says the analyst. He believes that while antitrust and political risk “remain acute,” this is better priced into Apple shares after the recent pullback.