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Evercore Partners Trims PT on Facebook (FB) Following Q1 Results; Valuation is Full

May 2, 2013 8:24 AM EDT Send to a Friend
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Evercore Partners analyst Ken Sena lowered his price target on Facebook (NASDAQ: FB) from $32 to $28 following Q1 results. The firm maintained an Equal Weight rating.

On the quarter, Sena said "Facebook's results were largely in-line with Street estimates , despite continued signs of desktop maturation, particularly in the U.S., as mobile revenues of $374mm (30% of total advertising) exceeded Street estimates of ~$350mm. In addition, user metrics showed strength as DAUs as a percentage of MAUs ticked up to 60%, or 665mm/1,110mm, slightly better than the 59% figure reported in 4Q12, suggesting that engagement among visitors to the site actually improved, despite recent reports to the contrary."

The analyst said valuation appears full. "At current valuation, short of providing stronger conversion and/or attribution data to advertisers or delivering higher user engagement through newer initiatives (e.g. Home, Graph Search, Open Graph) shares appear increasingly full," he said.

For an analyst ratings summary and ratings history on Facebook click here. For more ratings news on Facebook click here.

Shares of Facebook closed at $27.43 yesterday.




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