Facebook (FB) Estimates, PT Lifted at Jefferies Following Strong Q1

Jefferies US Internet Team raised estimates and its price target on Buy-rated Facebook (NASDAQ: FB) from $80 to $85 following Q1 results driven by an accelerating mobile business.

The team said, "FB continues to impress with the 4th straight quarter of accelerating revenue, a soaring mobile ad business (+258% Y/Y to $1.3B), meaningful margin expansion (82% gross mgn, +980bps Y/Y), the most users ever (1.28B), and the highest engagement ever (63% of users log in daily). We are raising our PT to $85 from $80 on the improved growth outlook."

Q2 EPS was raised from $0.27 to $0.31 and FY 2014 from $1.16 to $1.32.

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 $61.36 yesterday.

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