Facebook’s chief marketing officer Antonio Lucio is reportedly planning to leave the social media network on Sept. 18. Shares of Facebook are rising over 3% in the US morning trading on Monday.
Lucio has decided to leave Facebook (FB) after serving two years in the company, a Facebook spokesman told Business Insider. Lucio stated in a Facebook post on Friday that “I have decided to dedicate 100% of my time to diversity, inclusion and equity” to help companies and agencies in the marketing and advertising industries. He added that “It is a time for reckoning for the nation and my industry and it is time for me to play a more active part in accelerating change” in the advertising industry.
Jefferies analyst Brent Thill sees Facebook’s Reels feature as the next product catalyst. On Aug. 24, Thill raised the price target to $310 (13.8% upside potential) from $300 and maintained a Buy rating. The analyst pointed that Reels has earned an “impressive” 60 million-plus views since its launch on Aug 5. He estimates that Reels could bring $2.5 billion-plus in advertising revenues by 2020 for Facebook. (See FB stock analysis on TipRanks).
Currently, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 29 Buys, 4 Holds, and 1 Sell. With shares up almost 34% on a year-to-date basis, the average price target of $289.38 implies upside potential of 6.2%,
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