‘Huge potential in country for Facebook to tap’
Shares of the social network rose as much as 4.4 per cent to $129.57 after Citron’s report. They are down 28 per cent this year.
"We believe investors will be rewarded by the shift of user behavior to Instagram shopping and the personalization of the commerce process," according to Citron's research note.
Citron said Facebook has come a long way, turning the short-seller from a “one-time skeptic to a major bull”.
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“As investors have become overly concerned about the short-term noise of privacy and propaganda, they have forgotten to look at the earnings power and potential of the most advanced advertising tool with global reach in messaging, networking, and the future of shopping,” the short-seller said.
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