Facebook (FB) PT Raised to $155 by Piper Jaffray's Munster
Piper Jaffray analyst Gene Munster reiterated an Overweight rating and raised his price target on Facebook (NASDAQ: FB) to $155.00 (from $146.00) following solid Q3 beat with Q1 Oculus catalyst.
Munster commented, "We continue to be buyers of FB following a solid Q3 report with 3% upside to revenue. The upside was driven by continued strength in its core ad segment, which accelerated to 45% y/y growth from 43% in Q2. Thematically, the story remains strong with solid growth from its core News Feed offering, the coming ramp of Instagram, and ultimately the optionality in Instant Articles, WhatsApp and Oculus. While Facebook management downplayed the initial scale of the Oculus Rift, we still believe that the Q1 launch of the product will serve as a catalyst for shares as investors get more excited about the potential of VR for Facebook. We reiterate our Overweight rating and raise our price target to $155 ($146 prior)."
The firm raised FY 2015 EPS from $2.01 to $2.09 and FY 2016 EPS from $2.21 to $2.33.
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 $103.94 yesterday.