SAN FRANCISCO, CALIF. (TheStreet) -- Facebook (FB) is a superpower on mobile and Instagram, now with 300 million month active users, will ensure the company stays in a position of supreme dominance for years to come -- at least that's the takeaway from JPMorgan's (JPM) latest research note on the social network.
"We believe Facebook's virtual ownership of the social graph, strong competitive moat, and focus on the user experience position the company to significantly improve monetization over time and to become an enduring, blue-chip company built for the long term.," JPMorgan analyst Doug Anmuth wrote in a note on Tuesday, maintaining his "outperform" rating on the social network with an $85 price target. "We note that Facebook's U.S. minutes are more than ~8.5x the minutes spent on the competitive services."
The bullish outlook is tied to digital analytics firm comScore's (SCOR) November Internet data dump, which tallied up total Internet time spent on desktop and mobile in the U.S.
Faceboook far and away stole the show, eating up 21% of all time spent on mobile in November, even when excluding usage of its other hit apps: Instagram and WhatsApp. The company improved its mobile share from 20% in the previous month, demonstrating signs of long-term health in the eyes of J.P Morgan analysts.
In total, when including desktop, people in the U.S. spent 166 billion minutes on Facebook in November, accounting for 16.9% of overall Internet time in the month. Meanwhile, Instagram, Twitter (TWTR) , WhatsApp, and Snapchat collectively racked up 20 billion minutes for around 2% of total Internet time spent in the month. Total minutes, by comScore's calculations, is the aggregate time spent on desktop, and iPhone and Android platforms, excluding tablets.