UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Facebook on Ascendency in Mobile Market

In a report published Friday, Deutsche Bank analyst Ross Sandler reiterated a Buy rating on Facebook FB, and raised the price target from $43.00 to $62.00. In the report, Deutsche Bank noted, “Facebook's ascendency in mobile caught most investors off guard in 2Q, and in this report we illustrate (1) how FB got here, and (2) why we believe 2015 estimates remain ~5% too conservative, BEFORE layering in Instagram, and (3) how Instagram could be an incremental +15% to 2015 ad revenue, as our channel checks point to a mid-1Q14 ad launch. In short, while a good portion of alpha has been generated already for FB longs, we see upside to $62 based on upward estimate revisions and S+P 500 inclusion. Buy.” Facebook closed on Thursday at $50.39.