Facebook (FB) Target Lifted to $84 at Nomura Securities

Nomura Securities analyst Anthony DiClemente reiterated a Buy rating and raised his price target on Facebook (NASDAQ: FB) from $78 to $84.

DiClemente comments, "Investors have asked if forward price increases at FB will be driven more by mix shift or by price per core ad growth; we believe the answer is both. Further runway exists for mix shift to mobile in terms of both revenue and ad impressions. We separately believe there is pricing power inherent to News Feed ads, driven by characteristics unique to them: reach, targetability, standardization, and as of yesterday, video. We are raising our estimates for blended pricing upside, raising ad estimates, and increasing our target price to $84 from $78, keeping our target 22x 2015E EV/EBITDA multiple constant."

The firm lifted FY14E EPS from $1.20 to $1.32; FY15E EPS from $1.61 to $1.73.

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 $68.83 yesterday.

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