Facebook (FB) Numbers Ratcheted Higher at Goldman Sachs on Q2 Results, PT Goes to $46
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Price: $196.64 --0%
Rating Summary:
46 Buy, 17 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
46 Buy, 17 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Goldman Sachs boosted its price target on Buy-rated Facebook (NASDAQ: FB) from $40 to $46 following solid Q2 results.
Analyst Heather Bellini comments, "Given the significant upside posted in 2Q13 coupled with continued solid data points from the field, we are raising our CY13 and CY14 revenue forecasts by 9% and 21% respectively, with our CY13 EPS forecast up 28% and CY14 up 32%. We are now modeling CY13 Ad revenue of $6.5bn vs. our prior view of $5.9bn (+38% yoy). As for CY14, we are now modeling total ad revenue of $9.8bn (+ 51% yoy) vs. our previous estimate of $7.96bn (+35%). Mobile ad revenue is the primary driver of the increases in both periods, with mobile now expected to be $2.7bn in 2013 (+475% yoy and 42% of total ad spend) versus our prior forecast of $1.78bn. For CY14, we are now estimating mobile ad revenue will represent 57% of ad spend
to $5.6bn (prior $3.1bn) representing growth of 107%."
She added, "With apathy on Facebookâs shares running high into the print, we believe the strong upside in ad revenue in 2Q13 will cause many in the market to reassess."
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 $26.51 yesterday.
Analyst Heather Bellini comments, "Given the significant upside posted in 2Q13 coupled with continued solid data points from the field, we are raising our CY13 and CY14 revenue forecasts by 9% and 21% respectively, with our CY13 EPS forecast up 28% and CY14 up 32%. We are now modeling CY13 Ad revenue of $6.5bn vs. our prior view of $5.9bn (+38% yoy). As for CY14, we are now modeling total ad revenue of $9.8bn (+ 51% yoy) vs. our previous estimate of $7.96bn (+35%). Mobile ad revenue is the primary driver of the increases in both periods, with mobile now expected to be $2.7bn in 2013 (+475% yoy and 42% of total ad spend) versus our prior forecast of $1.78bn. For CY14, we are now estimating mobile ad revenue will represent 57% of ad spend
to $5.6bn (prior $3.1bn) representing growth of 107%."
She added, "With apathy on Facebookâs shares running high into the print, we believe the strong upside in ad revenue in 2Q13 will cause many in the market to reassess."
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 $26.51 yesterday.
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