Google, Facebook, Twitter Join Up to Form Online Addiction Initiative
Alphabet Inc.’s Google (GOOGL), Facebook Inc. (FB) and Twitter Inc. (TWTR) have teamed up with the Center for Safe Internet Pharmacies (CSIP) to create Tech Together, an online platform providing tools for individuals suffering from substance use disorders.
The TechTogether.co site launched by the three social network giants offers a one-stop shop for resources for individuals in need of recovery from substance use disorders and addiction. According to the non-profit CSIP, 9 out of 10 people who need treatment for substance abuse don’t get it. As a result of social distancing orders due to the coronavirus pandemic a growing number of recovery support meetings and in-person recovery resources have been cancelled.
Tech Together partner efforts include Twitter offering hashtags for thousands of people in recovery to join conversations such as #RecoveryMovement, #OpenRecovery, and #RecoveryWorks. Facebook is offering crisis support over Facebook Messenger, hosting a Facebook Live support session or connecting through a Facebook Group, and as such communities in need are coming together. Google has been working with various non-profits to put together a list of online support group options, such as virtual meetings.
Alphabet’s Google, Facebook and Twitter are scheduled to report their earnings this week.
Looking at the digital giants’ ratings, TipRanks data shows that the consensus of Wall Street analysts view both Alphabet’s Google and Facebook as a Strong Buy. Alphabet’s $1,502 average price target implies 18% upside potential in the coming year, while Facebook’s $222.41 average price target means shares are projected to gain 17% in the next 12 months.
The odd one out is Twitter with a Hold consensus rating on the stock and an average price target of $32.35, indicating 13% upside potential over the coming year.
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