Facebook shares hit record highs

Facebook shares hit record highs

New York City [USA], July 9: Facebook stocks have closed at an all-time record high of USD 203.23.

Investors are loving the social network more than ever. The company saw its stocks dipping earlier in 2018 when it was under an intense probe over data breach from the US and European governments, Fortune reported.

While previous consensus estimates had Facebook revenue projections for 2020 at USD 87.5 billion, BTIG is now modeling USD 95.4 billion.

The firm currently has Facebook with a buy rating and a price target of $275, Fortune adds.

After grabbing attention in 2012, Facebook has seen its stock rise more than 400 percent.

Facebook has already been grappling with privacy issues like the Cambridge Analytica data scandal involving 87 million users and another bug that changed 14 million users’ privacy setting defaults to public.

This all-time record comes a day after Facebook CEO Mark Zuckerberg was declared as the world’s third-richest person with a net worth of USD 81.6 billion, reported CNNMoney.