UPDATE: Piper Jaffray Reiterates Overweight Rating, Lowers PT on Facebook
In a report published Monday, Piper Jaffray & Co. reiterated its Overweight rating on Facebook (NASDAQ: FB), but lowered its price target from $41.00 to $38.00.
Piper Jaffray noted, “We continue to view shares of FB positively as the company has demonstrated its ability to monetize on mobile. We believe there are a number of key investors questions that remain, which this note addresses. We believe current key questions are: mobile CTR sustainability, what to expect for desktop growth moving forward, future competition, over-monetization of mobile, and dilution of the experience through third party integrations. Additionally, we are adjusting our price target to reflect more conservative expectations on payments revenue and EBITDA. Overweight rating and $38 target.”
Facebook closed on Friday at $23.56.
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