Add to Facebook (FB) Positions Ahead of Q1 Report, SunTrust Says

SunTrust Robinson Humphrey analyst Robert Peck reiterated a Buy rating and $70 price target on Facebook (NASDAQ: FB) following positive comments from a top ad partner.

Peck commented, "We held a very positive call yesterday with Nanigans SVP of Marketing Dan Slagen to discuss advertising trends for Facebook (Replay: 800-765-1879). The main take away was that while Q1 revenue growth had started sluggish, it significantly reversed itself in 2nd half of the quarter to finish stronger than expected when entering the quarter, with revenues for Nanigans FLAT to Q4. This is impressive given the seasonal nature of online advertising, which would typically imply a double digit decline sequentially."

The firm's checks with Nanigans, combined with other recent checks, makes them more bullish for investors into the quarterly results. "We recommend investors add to positions ahead of the report and take advantage of the recent ~20% pullback," he said.

Facebook is scheduled to report first quarter results on April 23rd, after the close.

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 $58.19 yesterday.

You May Also Be Interested In

• Dominion Resources, Inc. (D) PT Raised to $43 at BofA Securities
• GATX Corp. (GATX) Tops Q1 EPS by 25c
• Goldman Sachs First Take on Tata Consumer Products (TGBL:IN) Earnings