Facebook (FB): Sum Is Greater Than The Parts - BMO

BMO Capital Market analyst, Daniel Salmon, reiterated his Market Perform rating on shares of Facebook (NASDAQ: FB) after 2Q16 non-GAAP EPS of $0.97 the Street’s $0.81, while revenue of $6.44B was ahead of the Street’s $6.00B. Mobile ad revenue of $5.24B, while total ad revenue increased 63% y/y. Adjusted EBITDA of $4.14B was above the Street’s $3.60B. Price per ad was up 9% y/y (versus +5% in 1Q16) while total ad impressions were up 49% (vs. +50% in 1Q16). 2016 non-GAAP expense growth was tightened to +45-50% from +45-55%.

The price target increases to $145 from $120 on increased estimates and a higher target multiple.

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 $123.34 yesterday.

You May Also Be Interested In

• CME Group (CME) PT Raised to $187 at Rosenblatt
• Impinj Inc (PI) PT Raised to $145 at Roth/MKM
• Veralto Corp. (VLTO) PT Raised to $101 at RBC Capital