Facebook (FB) Price Target Raised to $100 at Brean Capital Post Q1

Brean Capital analyst Sarah Hindlian reiterated a Buy rating and boosted her price target on Facebook (NASDAQ: FB) to $100.00 (from $96.00) following Q1 results which they called "solid" after looking "under the hood."

Hindlian commented, "We believe Facebook reported a solid quarter, in particular after looking under the hood, given a very difficult compare (72% Y/Y growth in Q1’14), typical Q1 seasonality in the advertising market, and a challenging FX environment. Total Revenue grew 42% Y/Y, a bit shy of expectations of 42.5%, but with a 7% impact from FX Y/Y, suggesting growth closer to 50% Y/Y on a tremendous multi-billion dollar revenue run rate. More importantly, Advertising Revenue grew by 46% Y/Y to $3.3bn, ahead of expectations of 45% Y/Y, and up 55% Y/Y on a CC basis. Mobile grew 82% Y/Y, well above expectations of 77% Y/Y growth. User metrics also beat across the board, and Adj. EBITDA came in a healthy ~8% ahead of consensus. The company lowered its FY15 Opex outlook at the midpoint, which we view favorably and believe was a concern for investors heading into the print."

The firm raised FY 2015 EPS from $2.01 to $2.07 and FY 2016 EPS from $2.54 to $2.67.

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 $84.63 yesterday.

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