- RBC Capital analyst Brad Erickson initiated coverage of Facebook Inc FB with an Outperform rating and $425 price target, indicating a 25.1% upside.
- In a note titled "There's Just Nothing Else Quite Like It," Erickson said the next leg of growth depends on the company's ability to deepen its relationship with its nearly 3 billion users.
- He thinks the company is ready to "transition from a social-centric platform to a fuller source of online utility" through multiple product initiatives, he said.
- His channel checks have found little fundamental impact from recent IDFA changes, Erickson added.
- Price Action: FB shares traded higher by 0.60% at $341.42 in the premarket session on the last check Friday.
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