'Why Instagram Has Proven to Be a Steal For Facebook' by Chris Ciaccia in NASDAQ.com

"Facebook (FB) purchased Instagram for approximately $1 billion in cash and stock in 2012, but the value of the photo-centric social network may potentially be worth nearly forty times that.

Bank of America Merrill Lynch analyst Justin Post believes that Instagram could generate more revenue for Facebook, on top of more than $10 billion generated in 2014. "We see a $4 [billion]+ revenue opportunity and potential valuation range for Instagram at $30 [billion] - $37 [billion] based on user and potential revenue comparisons to TWTR and FB," Post wrote in the note."

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