Facebook (FB): Raising Estimates Ahead Of Earnings - Needham
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Needham & Company analyst, Laura Martin, reiterated her Buy rating on shares of Facebook (NASDAQ: FB) and raised estimates for the number of advertisers using its platform, 4mm (up from approximately 3mm in March). The increased number of advertisers flows through the model by increasing Ad revenue for 3Q and beyond.
The analyst now expects 3Q16 revenue of $6.855B (up 52% y/y, 5% above previous estimates), Operating Income of $2.74B (up 88% y/y, 7% above previous estimates), Non-GAAP Operating Income of $3.775B (up 57% y/y, 5% above previous estimates), and NonGAAP EPS of $0.97 (up 70% y/y, 5% above previous estimates).
Earnings for 3Q16 are expected on Wednesday, November 2nd.
No change to the price target of $150.
Shares of Facebook closed at $130.24 yesterday.
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