Facebook (FB) Ad Spend Showing Solid Growth - Raymond James

June 27, 2013 8:12 AM EDT
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Price: $127.04 --0%

Rating Summary:
    49 Buy, 8 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 1
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Raymond James analyst Aaron Kessler reiterated a Strong Buy rating and $37 price target on Facebook (NASDAQ: FB) Thursday following an upbeat conference call with Facebook's largest strategic preferred marketing developers (SPMD).

"Our call indicated that Facebook ad spend has been strong in 2Q with the SPMD indicating 35% q/q ad spend growth vs. up slightly q/q in 1Q," Kessler notes. "Specifically, the SPMD noted strong adoption of newer ad formats, including Unpublished Page Posts (launched in March) and Mobile App Install Ads."

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 $24.16 yesterday.

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