Facebook (FB) Price Target Raised to $95 at FBN Securities
FBN Securities maintained an Outperform rating on Facebook (NASDAQ: FB) and raised its price target to $95.00 (from $90.00). Analyst Shebly Seyrafi said Q1 results were generally positive.
"The company reported FQ1 revenue only slightly below consensus (hurt by FX) but 55% Y/Y CC advertising revenue growth with mobile growing by over 80% Y/Y was quite impressive. FB’s MAU of 1.441B, up 13% Y/Y, was higher than consensus of 1.43B, while its engagement rate (DAU/MAU) grew to 65.0% from 63.9% in FQ4 (which was the first Q/Q decline in some time). Advertising ARPU of $2.34, however, came in lower than consensus of $2.45, and there were notable decelerations in ARPU growth across all geographies. Therefore, we regard the report as slightly positive," said Seyrafi.
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Shares of Facebook closed at $84.63 yesterday.