FB: Facebook building $120M housing complex; Pivotal goes contrarian

Facebook building $120M housing complex; Pivotal goes contrarian • 11:18 AM

• 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.

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