Facebook (FB) PT Raised to $146 by Piper Jaffray's Munster

Piper Jaffray analyst Gene Munster reiterated an Overweight rating and boosted his price target on Facebook (NASDAQ: FB) to $146.00 (from $120.00) following strong Q2 results.

Munster commented, "Following FB's Q2 report of 1% upside to revenue, we remain as confident in the core themes of FB's overall platform as we were prior to earnings. The core platform includes News Feed, Instagram, Messenger, WhatsApp and Oculus. Following the report, the stock was trading down in the aftermarket and we would be buyers on any pullback. We continue to view VR overall as a catalyst over the back half of 2015 as anticipation ramps ahead of the launch of the Oculus Rift in Q116. We maintain our Overweight rating and raise our price target from $120 to $146 based on 34x CY16E EV/EBITDA (unchanged)"

The firm lifted FY 2015 EPS from $1.77 to $2.01 and FY 2016 EPS from $1.95 to $2.21.

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 $96.99 yesterday.

You May Also Be Interested In

• TechnipFMC (FTI) PT Raised to $30 at BTIG
• Meta Platforms Inc. (META) PT Lowered to $575 at UBS, 'shares are offering a 3-to-1 skew'
• Midday movers: Meta, IBM, Caterpillar fall; Chipotle rises