UPDATE: Stifel Reiterates Buy Rating, Raises PT on Facebook Following 2Q13 Results Momentum

In a report published Friday, Stifel analyst Jordan Rohan reiterated a Buy rating on

, and raised the price target from $38.01 to $50.00. In the report, Stifel noted, “We are increasing our target price on shares of Facebook to $50. Given the impressive momentum from 2Q13 results, shares reached our prior $38.01 target sooner than we anticipated. The stock call at this level depends on earnings momentum -- as long as the company continues to outpace consensus estimates for revenue growth, with high incremental margins, shares should continue to climb. We believe that scenario is playing out in 3Q -- because the company is seeing momentum from both brand and response marketers on a global basis. Our revised 3Q revenue estimate of $1.99bn is over $100mn higher than the consensus view.” Facebook closed on Thursday at $41.28.