Today's charts: Deutsche Bank thinks Facebook will rally; Blackberry shares jump; Abbott wins FDA approval

Deutsche Bank thinks Facebook shares will rally

Deutsche Bank maintained its buy rating on Facebook (FB) while raising its price target to $220 a share, implying the stock will rally approximately 31% from Wednesday’s close. The bank is bullish on the social media giant’s ad business, raising its expectations for ad revenue growth rate for the third quarter and fiscal year 2018. In a note to clients, analyst Lloyd Walmsley outlined why he thinks “Facebook is the new IBM (in a good way).” Walmsley wrote, “Just as the saying went that “nobody got fired for buying IBM” in enterprise tech, we think FB is growing into a similar position in advertising, with best-in class ad systems (targeting, creative and attribution); a large growing audience across numerous products; and a well-oiled sales machine.” Facebook shares have climbed about 46% since the start of the year.

Blackberry shares jump on earnings beat

Blackberry (BBRY) posted a surprise profit of 5 cents a share for the second quarter and reported revenue of $249 million, topping expectations. The company’s software and services division reported a strong quarter, with revenue reaching a record of $196 million. Blackberry also issued better than expected full year 2018 revenue guidance. Blackberry shares are up about 50% since the start of the year.

Abbott Laboratories jumps on FDA approval of device

Abbott’s (ABT) stock is posting gains after the FDA approved its blood glucose-monitoring device that will help adults with diabetes. The FreeStyle Libre Flashdevice will allow millions of people to track their blood sugar levels without pricking their fingers. Shares of Abbott were trading up 4% as of 11:15 a.m. ET Thursday.

Travel sites take a hit on Trivago downgrade

Morgan Stanley downgraded hotel search engine, Trivago (TRVG), to equal weight from overweight on concern that online travel agents are spending less money on the site. The downgrade is hitting other travel stocks, with TripAdvisor (TRIP) and Expedia (EXPE) both lower in intraday trading.