UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Facebook Following Raised Estimates on Promising New Ad Products

In a report published Thursday, Jefferies analyst Brian Pitz reiterated a Buy rating on

, and raised the price target from $37.00 to $60.00. In the report, Jefferies noted, “We are increasing our ests on promising new ad products, namely Video Ads, Instagram, and Facebook Exchange (FBX) as we remain bullish on Custom Audiences and Mobile App Install Ads. As FB monetizes its massive 1.15B user base, we see plenty of room for go-forward margin expansion for its already impressive 44% Adj Op Inc margin.” Facebook closed on Wednesday at $49.46.