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Facebook: Piper Dazzled by Social, Wireless Functions of VR Prototypes

Facebook (FB) shares are up a penny today at $128.75, after the company yesterday held its developer conference for its Oculus unit, “Oculus Connect," to discuss prospects in virtual reality, looking beyond the “Rift” headset that went on sale earlier this year. Piper Jaffray’s Gene Munster was at the event, and today he reiterates an Overweight rating on Facebook shares, and a $185 price target, writing that VR is becoming a bigger chunk of the company’s R&D effort: "Specifically, Zuckerberg outlined that Facebook has invested $250M into VR R&D and expects to invest another $250M in the near future.
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