Facebook (FB) PT Raised to $155 at Baird

Baird analyst Colin Sebastian reiterated an Outperform rating and raised his price target on Facebook (NASDAQ: FB) to $155.00 (from $135.00) following strong Q2 results showing growth accelerates despite fears over increased social competition.

Sebastian commented, "Facebook reported a significant top- and bottom-line beat, driven by video ad momentum along with broad-based strength across Newsfeed/Instagram ad formats. Importantly, the company indicated engagement remains stable while time spent/user increased double-digits Y/Y along with positive engagement impact from recent Newsfeed algorithm changes. Overall, Facebook's strong quarter confirms continuing momentum in advertising as well as usage. As such, we remain positive on shares, with a higher $155 price target; remains a top-pick."

The firm raised FY 2016 EPS from $3.48 to $3.82 and FY 2017 EPS from $4.21 to $4.56.

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.

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