Morgan Stanley Reiterates “Overweight” Rating for Facebook (FB)
Facebook (NASDAQ:FB)‘s stock had its “overweight” rating reiterated by research analysts at Morgan Stanley in a report released on Wednesday, American Banking and Market News reports. They currently have a $62.00 price objective on the stock. Morgan Stanley’s price objective would indicate a potential upside of 5.96% from the stock’s previous close.
The analysts wrote, “We expect 4Q2013 revenue and EBITDA to be about in line with to above consensus estimates, which call for growth of 48% Y/Y and 49% Y/Y, respectively,” the report noted. “Our estimates call for total revenue to increase 51% Y/Y to $2.39b and for advertising revenue of $2.16b to grow 63% Y/Y. We look for FB mobile ad revenue to comprise 51% of total advertising revenue.”
Shares of Facebook (NASDAQ:FB) opened at 58.51 on Wednesday. Facebook has a one year low of $22.67 and a one year high of $58.96. The stock’s 50-day moving average is $54.48 and its 200-day moving average is $45.53. The company has a market cap of $143.6 billion and a P/E ratio of 149.64.
Facebook (NASDAQ:FB) last announced its earnings results on Wednesday, October 30th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.06. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.91 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 59.7% on a year-over-year basis. Analysts expect that Facebook will post $0.84 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Raymond James raised their price target on shares of Facebook from $60.00 to $63.00 in a research note to investors on Thursday, January 16th. They now have an “outperform” rating on the stock. Separately, analysts at Nomura initiated coverage on shares of Facebook in a research note to investors on Wednesday, January 15th. They set a “buy” rating and a $65.00 price target on the stock. Finally, analysts at FBN Securities initiated coverage on shares of Facebook in a research note to investors on Tuesday, January 14th. They set an “outperform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and thirty-eight have issued a buy rating to the company’s stock. Facebook has a consensus rating of “Buy” and an average target price of $60.79.
In other Facebook news, CTO Michael Todd Schroepfer unloaded 25,000 shares of Facebook stock on the open market in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $57.89, for a total value of $1,447,250.00. Following the completion of the transaction, the chief technology officer now directly owns 342,918 shares in the company, valued at approximately $19,851,523. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Facebook, Inc (NASDAQ:FB), is engaged in building products to create utility for users, developers, and advertisers.
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