Market News

Facebook Unveils ‘Neighborhoods’ In Canada For Localized Connections

Facebook (FB) plans to foster connections on a local level. Neighborhoods is the company’s new offering that seeks to enhance connections and interactions between neighbors. The opt-in offering is integrated within the Facebook app.

With Neighborhoods, Facebook hopes to bring local experience into one centralized place. The connection enabled by the offering should allow people to offer support, meet, and share a common interest on a local level.

To join the service, one only needs to be 18 years or older and confirm their neighborhood. Facebook has also confirmed that people will be allowed to set up their neighborhood profile within the app. In this case, people will be able to add their interests, favorite places, and bio. The idea is to share sufficient information to connect with like-minded people. Within the Neighborhoods directory, users will be able to make posts, participate in discussions, and answer questions.

Facebook has also opened up the service. Users will still be able to connect with people from nearby neighborhoods. Being an opt-in offering, one can decide whether to join the current neighborhood or nearby neighborhoods.

While Neighborhoods is currently available only in Canada, Facebook plans to launch it in select US cities soon. (See Facebook  stock analysis on TipRanks)

In the aftermath of Facebook reporting impressive 1Q 2021 results, Credit Suisse analyst Stephen Ju reiterated a Buy rating on the stock. According to the analyst, the remarkable results were mostly driven by ad pricing, which was up 30% year over year.

Ju has increased his price target of the stock to $400 from $371, implying 26.98% upside potential to current levels.

Consensus among analysts on Wall Street is a Strong Buy based on 29 Buy and 3 Hold ratings. The average analyst price target of $389.90 implies 23.77% upside potential to current levels.

FB scores an 8 out of 10 on TipRanks’ Smart Score rating tool, implying it is likely to outperform market expectations.

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