Facebook stock price target raised to $240 from $215 at Stifel Nicolaus

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Instagram will start requiring that new users provide their birthdays

Facebook Inc.’s Instagram said Wednesday that it will be requiring users to provide their birthdays while creating an account, which the company said is intended to “help prevent underage people from joining Instagram.” The Children’s Online Privacy Protection Act restricts information that internet companies can obtain from children under 13, and Instagram will be requiring that users be at least 13 to make an account. Those who link their Facebook accounts to their Instagram accounts will have the birthday listed on Facebook carry over, but in all cases, age information won’t be publicly visible. The company will also add features that let users limit who is able to send them direct messages through Instagram. Shares are near flat in Wednesday morning trading. They’ve gained 52% on the year, as the S&P 500 has increased 24%.

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