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Citron Research, a well-known short-seller, expressed support for Facebook Inc. (FB.O) on Wednesday, saying Facebook's stock price could hit $160 in 2019 because the company's data scandals and privacy issues reported by the media this year have little impact on revenue and user base.
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Facebook shares jumped 4.4% to $129.57 after Citron released its report, closing up 8.16% at $134.18.
"We believe that investors will be rewarded for the user's move to Instagram and tailored business processes," Citron's Research Report said.
Citron said Facebook had made great progress, turning Citron's view from "once skeptical to a major bull."
"Investors worry too much about short-term noise about privacy and publicity activities and forget to think carefully about the company's profitability and its potential as the most advanced advertising tool for global messaging, online and future shopping patterns," Citron said.


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