Facebook Stock Rating Reaffirmed by JPMorgan Chase & Co. (FB)
Facebook (NASDAQ:FB)‘s stock had its “overweight” rating reiterated by research analysts at JPMorgan Chase & Co. in a report released on Thursday, American Banking and Market News reports. They currently have a $53.00 target price on the stock, up from their previous target price of $44.00. JPMorgan Chase & Co.’s price objective would suggest a potential upside of 17.67% from the stock’s previous close.
The analysts wrote, “We are incrementally positive on Facebook shares as we believe advertising traction across both Mobile and Desktop continues to build into year-end and 2014. 2Q13 marked an inflection point in advertiser demand and ad quality for Facebook, which enabled the company to increase inventory while simultaneously realizing higher pricing. We believe that momentum in the ad platform continues as marketer feedback around Mobile, News Feed, and FBX continues to improve along with ROI. We are raising our Mobile and Desktop News Feed estimates going forward, and we project Mobile will surpass 50% of Facebook’s ad revenue in 4Q13 and represent 60% of ad revenue in 2014. We reiterate our Overweight rating and are raising our price target from $44 to $53.”
Facebook (NASDAQ:FB) traded up 0.62% on Thursday, hitting $45.319. 33,123,428 shares of the company’s stock traded hands. Facebook has a 1-year low of $18.80 and a 1-year high of $45.09. The stock has a 50-day moving average of $38.86 and a 200-day moving average of $29.16. The company has a market cap of $110.4 billion and a P/E ratio of 203.80.
Facebook (NASDAQ:FB) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.19 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.14 by $0.05. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the prior year, the company posted $0.12 earnings per share. The company’s quarterly revenue was up 53.1% on a year-over-year basis. On average, analysts predict that Facebook will post $0.71 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Wells Fargo & Co. raised their price target on shares of Facebook (NASDAQ:FB) to $53.00 in a research note to investors on Thursday. Separately, analysts at Credit Agricole raised their price target on shares of Facebook (NASDAQ:FB) from $42.00 to $60.00 in a research note to investors on Thursday. Finally, analysts at TheStreet reiterated a “hold” rating on shares of Facebook (NASDAQ:FB) in a research note to investors on Wednesday.
Eleven research analysts have rated the stock with a hold rating and thirty have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $41.86.
In other Facebook news, VP Colin Stretch sold 31,574 shares of Facebook stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $43.17, for a total transaction of $1,363,049.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Facebook, Inc (NASDAQ:FB), is engaged in building products to create utility for users, developers, and advertisers.
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