Cleveland Research Initiates Facebook At Buy, Shares Higher

Shares of

were trading higher by more than one percent on Tuesday after Kevin Rottinghaus of Cleveland Research initiated coverage of the company with a Buy rating and $100 price target. According to Rottinghaus, Facebook has "significant runway" to gain market share within the digital advertising space, translating to a greater ability to increase ad pricing over the short and medium-term. The analyst also added that the company has many assets outside of its core Facebook that have yet to be fully monetized, including Instagram, WhatsApp and Atlas.