Facebook (FB) PT Raised to $116 at Baird Amid Strong Q3
Baird analyst Colin Sebastian reiterated an Outperform rating and boosted his price target on Facebook (NASDAQ: FB) to $116.00 (from $110.00) following strong Q3.
Sebastian commented, "Facebook is benefiting from significant advantages afforded to large Internet platform companies in the form of innovation, scale, resources, and gravitational pull. In Q3, Facebook delivered another strong quarter, beating expectations on the top- and bottom-line. While newer initiatives (Oculus/Internet.org) are unlikely to move the needle in the near term, we believe management's focus on long-term initiatives continue to set the stage for further market-share gains and user engagement. Reiterate Outperform."
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Shares of Facebook closed at $103.94 yesterday.