Facebook (FB) PT Raised to $175 at JPMorgan
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JPMorgan analyst Doug Anmuth raised his December 2017 price target on Facebook (NASDAQ: FB) to $175.00 (from $170.00).
The firm maintained an Overweight rating: "We believe Facebook’s virtual ownership of the social graph, strong competitive moat, and focus on the user experience position the company to significantly improve monetization over time and to become an enduring, blue-chip company built for the long term. Facebook’s massive reach and engagement continue to drive network effects, and its targeting abilities provide significant value to advertisers. We
believe it is still very early in the development of Facebook’s ad platform, including an ongoing improvement in ad targetability and measurement as well as a shift toward ads with higher quality formats, which we believe will become increasingly valuable to advertisers."
The new price target is based on 24x the firm's 2018E non-GAAP EPS of $7.31, which is supported by their DCF.
Shares of Facebook closed at $127.31 yesterday.
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