UBS Raises Facebook Price Target and 2 More Heavily Traded Stocks to Follow
Facebook Inc. (NASDAQ:FB): Current price $38.58
Analyst Eric Sheridan at UBS on Friday raised Facebook’s price target from $36 to $45, saying the social network is set to keep its momentum going in the third quarter. Facebook shares were up a fraction at $38.61 in late-afternoon trading, and seem set end the week with a gain of more than 1 percent. Since the beginning of the year, the stock has jumped in excess of 45 percent.
Ford Motor Co. (NYSE:F): Current price $17.02
A slump in the vehicle market in Russia this year has Ford’s car making partnership with OAO Sollers cutting output and eliminating jobs. The Ford Sollers plant near St. Petersburg is suspending production for a combined total of 20 days from August through September, and will get rid of one of its three daily shifts after that, according to an email sent by the venture.
Vale SA (NYSE:VALE): Current price $15.54
The iron ore producer has predicted a 10 percent rise in steel production in China for 2013. Vale CEO Murilo Ferreira said Friday that China will likely produce 780 million metric tons of steel this year, versus 683 million tons two years ago. Ferreira said during a conference call: “China has once more proved the pessimists wrong. Our view related to China continues positive.”