Facebook has launched a new tool called Facebook Business Suite to help businesses manage their pages and profiles across Facebook, Instagram and Messenger.
Facebook’s (FB) COO Sheryl Sandberg said that Facebook Business Suite will “help businesses save time and stay up to date by managing their pages or profiles across our apps. It allows them to post to Facebook and Instagram at the same time, and manage and receive messages, notifications and alerts in one place.”
On Wednesday, Facebook hosted its Facebook Connect event, where it unveiled the next generation of the Oculus Quest VR headset and new consumer smart glasses in conjunction with Ray-Ban. The company also announced a partnership with the New York Times for Augmented Reality (AR) content and unveiled several longer-term projects using Virtual Reality (VR)/ AR technology. (See FB stock analysis on TipRanks).
Following the event, Stifel Nicolaus analyst John Egbert was “incrementally positive on Facebook’s ambitions in VR / AR” and maintained a Buy rating on the stock with a price target of $290 (13.8% upside potential).
Currently, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 31 Buys, 4 Holds, and 1 Sell. The average price target of $294.31 implies upside potential of about 15.5% to current levels. Shares have gained 24.2% year-to-date.
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