Facebook Inc. (FB) - Get Report is getting serious about combating its more than 20% year-to-date stock slide, announcing over the weekend that it will buy back an additional $9 billion of its own shares.
The new buyback is in addition to a share buyback plan of up to $15 billion that the company announced last year.
The news sent the stock rising Monday, to close up 3.2% to $141.85.
Additionally, Deutsche Bank named Facebook the top pick among large internet stocks, calling the company's valuation "extremely attractive."
"We continue to view Facebook as the best risk/reward in large cap internet given the potential for core Facebook engagement to stabilize, for monetization in the Stories format to drive a potential re-acceleration in growth in mid-2019, for the negative news cycle to abate and given the extremely attractive current valuation," Deutsche Bank's Lloyd Walmsley said in a note.
The firm reiterated its "buy" rating on the stock while maintaining its financial estimates for the company.
Facebook hasn't recovered from the fallout of the Cambridge Analytica scandal that revealed that the social media giant gave sensitive information from more than 80 million users to a third party without informing users.