Facebook Hits 52-week High On Upbeat Note From J.P. Morgan

Shares of Facebook Inc. rose to their 52-week high on Wednesday after a J.P. Morgan analyst reiterated his overweight rating on the stock. "Facebook remains our top pick in 2015 as we believe it's still early in monetizing Facebook's base of 1.44 billion users and the company is building other strong franchises in Instagram, Messenger, and WhatsApp," said analyst Doug Anmuth in a note. Anmuth also expects the social networking company to report ad revenue in excess of his $3.79 billion-estimate when it releases quarterly results on July 29. Analysts surveyed by FactSet project the company to post second-quarter earnings of 47 cents a share, up from 42 cents a share a year earlier. Facebook shares climbed 0.8% to $90.42 as of mid-day. Anmuth has a price target of $100 on the stock.