Facebook’s ‘Magnet to $38’: Mike Murphy |
| CNBC - Jan 9, 2013 |
Ahead of a scheduled announcement from Facebook, Rosecliff Capital's Mike Murphy said Wednesday that he expected strong, long-term performance for the stock.
"I'm long-term money in Facebook," he said on CNBC's "Fast Money."
Shares of Facebook broke above $30 after the company sent out invitations for an unspecified Jan. 15 announcement, and Murphy said the stock would continue to climb.
"As I said last week, or two weeks ago, I think the stock has a magnet to $38. I think this stock will print over $38 this year," he said. "It's been a long time coming, but I think from there, the story just begins for Facebook."
Stephen Weiss of Short Hills Capital said he was a buyer on the stock's momentum.
"There are people looking for a home away from Apple at this point, and it's a big-cap tech stock, so I figured it's going to be a good trade," he said. "I don't often do that on sentiment, but I think it's going to go higher."
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- Posted: 2013-01-09 16:06:57
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