UPDATE: Piper Jaffray Raises PT on Facebook on Major Remaining Catalysts
In a report published Monday, Piper Jaffray analyst Gene Munster reiterated an Overweight rating on Facebook (NASDAQ: FB), and raised the price target from $46.00 to $57.00.
In the report, Piper Jaffray noted, “We remain positive on shares of FB following the stock's substantial run given that meaningful catalysts remain ahead of the stock. We are building in expectations for two of the upcoming catalysts: video and Instagram for CY14 and CY15. We note that Instagram suggested on its blog that users would begin seeing advertising in the near term. While we remain positive on shares, we note that the valuation of the stock (50x CY14 EPS, 1.5 PEG) trades significantly above peers like GOOG (17x CY14 EPS, ~1 PEG). Overall, we believe upside remains for shares of FB, but believe that other large cap stocks may be more attractive.”
Facebook closed on Friday at $51.04.
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