Bank of America Reiterates Buy Rating, $35 PT on Facebook

In a report published Monday, Bank of America reiterated its Buy rating and $35.00 price target on Facebook FB. Bank of America noted, “FB is an investment in increasing social and mobile Internet usage, and also offers exposure to growing Internet usage in emerging markets. Driven by user growth, new product offerings, and new ad formats, we expect FB to gain share in advertising markets and grow 30% over the next 3 yrs, which warrants a premium valuation to its Internet peers.” Facebook closed on Friday at $31.54.