Facebook is Deutsche Bank's top pick among large internet stocks, with an "extremely attractive" valuation and a bevy of potential, the firm said Monday.
"We continue to view Facebook as the best risk/reward in large cap internet given the potential for core Facebook engagement to stabilize, for monetization in the Stories format to drive a potential re-acceleration in growth in mid-2019, for the negative news cycle to abate and given the extremely attractive current valuation," Deutsche Bank's Lloyd Walmsley said in a note to investors.
Facebook shares rose 1.4 percent in premarket trading. The stock has fallen sharply into a bear market, slipping more than 37 percent from its recent high in July. Wall Street defines a bear market as a fall of more than 20 percent from a stock's 52-week high.
"We make no changes to estimates but reiterate our Buy rating on FB shares." Walmsley said.
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