Facebook said that it temporarily halts recommendations of new groups to users ahead of the upcoming U.S. presidential election, CNBC’s Salvador Rodriguez reports. The news comes a day after CEO Mark Zuckerberg said on the company’s quarterly conference call that he was concerned about the heightened risk of disturbances in the U.S. stemming from the contest, Rodriguez notes. The social media giant also said that it would limit the distribution of the “save our children” hashtag due to its connections with conspiracy theory group QAnon, the author says. “When people search for it, they will now see the credible child safety resources,” a company spokesman said in a statement. Source: https://www.cnbc.com/2020/10/30/facebook-to-temporarily-stop-recommending-new-groups-ahead-of-election.html?__source=twitter%7Cpolitics

Facebook also says the Trump Administration mishandled the COVID-19 response but that they are a small-business lifeline.

Facebook’s critical comments of President Trump and their censorship actions of QAnon once again perfectly aligns with Democrats and their financial contributions to the 2020 Presidential Election campaign of Joe Biden.

Facebook 2020 Presidential Election Contributions. Source: OpenSecrets.org

Facebook reports Q3 EPS of $2.71 versus the consensus estimate of $1.91. The company reported Q3 revenue of $21.47B versus the consensus estimate of $19.82B.

Raymond James analyst Aaron Kessler raised the firm’s price target on Facebook to $320 from $280 and kept a Strong Buy rating on the shares. Kessler expects solid long-term revenue growth, sees increasing monetization of newer platforms, and believes the valuation is attractive following the Q3 results.

Canaccord analyst Maria Ripps raised its price target on Facebook to $330 from $315 and kept a Buy rating on the shares. The analyst noted user growth slowdown but an expansion in its e-commerce functionality. She also noted the acceleration in the advertising recovery largely due to e-commerce tailwinds.

MKM Partners analyst Rohit Kulkarni raised its price target on Facebook to $330 from $300 and kept a Buy rating on the shares. The company’s Q3 results were a “clean” beat amid an overall ad market recovery and rising monetization, but user growth was softer, the analyst tells investors in a research note. Facebook’s Q4 outlook also implies accelerating revenue growth but soft user growth, Kulkarni states.

JPMorgan analyst Doug Anmuth raised the firm’s price target on Facebook to $330 from $315 and kept an Overweight rating on the shares. Facebook saw a “sharp” ad recovery in Q3, and further acceleration is expected in Q4, Anmuth tells investors in a research note. The analyst came out of the Q3 report “incrementally positive” on Facebook, given the strength of the ad recovery along with new products and ad opportunities ahead.

RBC Capital analyst Mark Mahaney raised the firm’s price target on Facebook to $350 from $320 and kept an Outperform rating on the shares after its Q3 beat-and-raise results. The analyst also notes that the company’s Q4 guidance suggests revenue growth acceleration and reflects a “full V-shaped recovery.” Mahaney adds that Facebook’s implied 31%-44% Capex growth suggests that the company is “investing aggressively in innovation from a position of strength.”

Facebook reported third-quarter earnings results, reporting $2.71 per share and $21.47 billion in revenue compared to $1.91 per share and $19.9 billion in revenue, according to Refinitiv. Julia Boorstin joins ‘Closing Bell’ to discuss.

Source: https://www.youtube.com/watch?v=TjB31K8Dj3s

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