JPMorgan Note Helps Facebook Top $40 and 2 More Heavily Traded Stocks to Follow
Facebook Inc. (NASDAQ:FB): Current price $40.55
Facebook shares are up over 5 percent Friday afternoon, moving beyond $40, on an upbeat J.P. Morgan note that pointed to ”solid trends in overall engagement” among both mobile and desktop users. In the note, analyst Doug Anmuth at J.P. Morgan, interpreting new data from comScore, said that, “We continue to believe that Facebook’s strong mobile usage is offsetting desktop declines and that competing services are having only a modest impact on Facebook.” J.P. Morgan maintains an Overweight on Facebook along with a price target at $44.
Autodesk Inc. (NASDAQ:ADSK): Current price $38.91
In Friday afternoon trading, Autodesk Inc.’s shares are up almost 10 percent after the firm said that it is shifting its revenue model. Analyst Dan Cummings and an analyst at B. Riley upgraded the stock to Buy from Neutral and raised the price target from $38.50 to $42, following Autodesk’s most recent quarterly report and indications from management that the firm will be transitioning to a subscription-based revenue model.
Autodesk reported late on Thursday that its second-quarter net income fell by 4 percent and it projected disappointing results for the third quarter, but its second-quarter adjusted results and revenue surpassed estimates.
Tesla Motors Inc. (NASDAQ:TSLA): Current price $161.84
Tesla faces an unexpected problem along its way to launch itself into the world’s number-one auto market after a businessman in China claimed trademark rights to the name, according to sources close to the company to Reuters. It had originally intended to establish a flagship showroom in Beijing at the start of 2013, said three sources, but has had to put that idea on hold because in part of the trademark dispute.
Resulting from all this, Tesla’s first shop-front in China, located at the Parkview Green Fangcaodi mall in the capital, is boarded up. There is no Tesla sign, but the shop is decorated with billboards of the Model S, which debuted in the United States in 2012.