Facebook Price Target Raised to $49.00 at Wedbush (FB)
Equities research analysts at Wedbush raised their price target on shares of Facebook (NASDAQ:FB) from $39.00 to $49.00 in a research note issued to investors on Wednesday, American Banking News reports. The firm currently has an “outperform” rating on the stock. Wedbush’s target price indicates a potential upside of 8.72% from the company’s current price.
The analysts wrote, “Maintaining our OUTPERFORM rating, but raising our price target to $49 from $39 to reflect market conditions, improving mobile monetization, and the untapped video advertising opportunity. We note that the share prices of many of the companies included in Facebook’s Internet peer group have appreciated significantly in recent months. Our revised price target reflects a P/E multiple of 50x our FY:14 EPS estimate of $0.98. We believe a premium multiple is warranted given that Facebook is just beginning to realize its vast monetization potential. In addition, we expect the company to begin to display the significant operating leverage inherent in its business model once it exits its high-growth stage.”
Several other analysts have also recently commented on the stock. Analysts at SunTrust reiterated a “buy” rating on shares of Facebook (NASDAQ:FB) in a research note to investors on Tuesday. Separately, analysts at Goldman Sachs Group Inc. raised their price target on shares of Facebook (NASDAQ:FB) from $46.00 to $52.00 in a research note to investors on Monday. They now have a “buy” rating on the stock. Finally, analysts at RBC Capital raised their price target on shares of Facebook (NASDAQ:FB) from $40.00 to $52.00 in a research note to investors on Friday, September 13th. They now have an “outperform” rating on the stock.
Eleven investment analysts have rated the stock with a hold rating and thirty have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $42.66.
Shares of Facebook (NASDAQ:FB) traded down 0.65% on Wednesday, hitting $44.775. 41,854,624 shares of the company’s stock traded hands. Facebook has a 52-week low of $18.80 and a 52-week high of $45.62. The stock has a 50-day moving average of $40.18 and a 200-day moving average of $29.66. The company has a market cap of $109.0 billion and a P/E ratio of 203.94.
Facebook (NASDAQ:FB) last released its earnings data on Wednesday, July 24th. The company reported $0.19 earnings per share for the quarter, beating the analysts’ 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 previous year, the company posted $0.12 earnings per share. The company’s revenue for the quarter was up 53.1% on a year-over-year basis. On average, analysts predict that Facebook will post $0.72 earnings per share for the current fiscal year.
In other Facebook news, VP Colin Stretch sold 4,332 shares of Facebook stock on the open market in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $42.50, for a total transaction of $184,110.00. Following the completion of the transaction, the vice president now directly owns 58,935 shares of the company’s stock. The sale was disclosed in a document filed 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.