Meta Platforms Inc (META)

[vincen71]

Facebook building $120M housing complex; Pivotal goes contrarian
11:18 AM ET · FB

Add residential real estate to the list of fields Facebook (FB -1%) is dabbling in: the social networking giant is spending $120M to build a 394-unit housing complex near its Menlo Park, CA HQ. The WSJ states the complex, known as Anton Menlo, will "include everything from a sports bar to a doggy day care."
Though Facebook's main goal is to address the housing needs of its workers, the apartments will go for market rates, and all but 15 will be open to non-Facebook employees. The initiative comes as Facebook builds a new wing to its HQ with the help of architect Frank Gehry.
Meanwhile, Pivotal Research is going contrarian on Facebook, cutting shares to Hold following a 90% run-up since July 24 (the day of the Q2 report). Analyst Brian Wiesner notes shares have passed his $48 PT, and thinks they could sell of following the Q3 report (due Oct. 30) "if expectations begin to circularly run further ahead of themselves."
Plenty of firms have upgraded Facebook, or launched coverage with a bullish ratings, since the Q2 report.