Two Firms Raise Facebook Stock Price Targets

Research firm BTIG raised it stock price target on Facebook (NASDAQ:FB) more than 50%, saying both its Instagram unit and core social media site are performing better than expected.
BTIG boosted its 12-month forecast to $275 a share, the highest among Wall Street firms
BTIG says Instagram Stories now has more than 400 million daily active users, twice that of rival Snapchat.
Instagram recently launched a new app called IGTV, which allows users to watch full-screen, hour-long videos.
BTIG also says Facebook does not appear to be losing as many young users as previously thought.
Wells Fargo (NYSE:WFC) recently raised its price forecast to $250.
Facebook shares are up 11% this year, having recovered from a sharp selloff triggered by a data breach scandal in March.