Facebook Rallies on Needham Mobile Hopes
Shares of Facebook (NASDAQ: FB) rallied on Monday, up over two percent, after analysts at Needham raised their price target on the stock to $33 from $25.
The analysts cited expectations for increased monetization of Facebook on the mobile platform.
The company's struggle to monetize mobile -- users accessing the website primarily through smartphones and tablets -- has plagued the stock since it has gone public. Many have cited Facebook's mobile failure as a key reason for the stock's decline.
Shares of Facebook traded near $27 on Monday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.