Facebook (FB) Target Lifted at Piper Jaffray Post Q1

Piper Jaffray analyst Gene Munster raised his price target on Overweight-rated Facebook (NASDAQ: FB) from $67 to $76 following Q1 results.

Munster commented, "Facebook reported its seventh consecutive quarter of ad revenue growth acceleration as ad revenue in Q1 grew 82% from 76% in Q4, demonstrating continued momentum in its core business. While the company's Q1 call left us expecting less from new products (video/Instagram), we continue to believe there is upside to ad pricing through the rest of 2014. Beyond the next year or two with clearer contribution from new products, we maintain our belief that Facebook will continually have to defend its business from other social players. The intelligence in the company's construction of its portfolio (Messenger, Paper, Instagram, WhatsApp) may be the most important long term part of the story."

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 $61.36 yesterday.

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