Facebook Shares Skyrocket, Goldman Sees Further Upside, Raises Price Target to $46

Facebook

shares have soared 27 percent Thursday following

Wednesday afternoon. Goldman Sachs' Heather Bellini boosted her price target on shares of Facebook from $40 to $46 this morning; she maintains a Buy rating on the stock. With Facebook shares last trading around $33.42, the new target implies another 30 percent potential upside. Mobile ad sales are driving the 61 percent YoY increase in advertising sales, according to Bellini, with sales in this segment forecast to exceed $2.7 billion for 2013. For comparison, mobile ad revenue in Q2 2012 was $13 million and accounted for just 30 percent of total ad sales. Bellini highlighted Facebook Mobile daily active users increased 60 percent YoY, while monthly active users increased 51 percent. Goldman's Bellini believes the strong ad revenue displayed during this quarter -- particularly in the mobile segment -- will cause many investors to reevaluate their revenue and EPS forecasts for Facebook going forward.