Guggenheim raises its Facebook (NASDAQ:FB) target from $230 to $275, citing the potential for “significant further appreciation” in the stock in 2020.

Analyst Michael Morrisnoted sees a “significant growth runway” with the global ad market shifting towards mobile.

The analyst notes near-term and long-term chances for FB to further monetize its user base, including Stories, video, and e-commerce.

Facebook shares are up 0.3% pre-market to $219.67. The company has a Bullish average Sell Side rating.

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