Facebook (FB) PT Raised to $118 at FBR Capital Amid Solid Q2
FBR Capital analyst William Bird reiterated an Outperform rating and boosted his price target on Facebook (NASDAQ: FB) to $118.00 (from $94.00) following solid results after the close.
Bird commented, "Facebook's results are supportive of our thesis that the company is uniquely positioned to grow its share of the high-growth mobile ad market, a function of its product format, unique data asset (i.e., definitive IDs and cross-device login), and strong track record of innovation. We are increasing our 2015 and 2016 EPS estimates to $2.06 (previously $1.97) and $2.72 (previously $2.57), respectively. Our new price target is $118 (up from $94). Facebook exceeded Street estimates across metrics: Revenue beat by $18M, adjusted operating profit by $140M, and adjusted EPS by $0.03."
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Shares of Facebook closed at $96.99 yesterday.