Pivotal Research Upgrades Facebook (FB) to Buy; Analyst Sees Sustained Growth

Pivotal Research upgraded Facebook (NASDAQ: FB) from Hold to Buy with a price target of $72.00 (from $66.00).

Analyst Brian Wieser said, "We are upgrading Facebook to Buy from Hold, reflecting both our revision in costs of capital for the company (and others among our coverage universe), and the only-partially warranted sell-off for the stock following the WhatsApp and Oculus acquisition announcements. Although the stock posted strong gains yesterday, we think there is more room for the stock to run ahead of and probably after the company’s 1Q14 earnings. While consensus estimates appear to be in-line with our estimates for the current quarter, we think estimates for later in the year are probably under-stated."

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 $62.41 yesterday.

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