Piper Jaffray Reiterates Overweight on Facebook Following Results of Teen Survey
In a report published Wednesday, Piper Jaffray analyst Gene Munster reiterated an Overweight rating and $57.00 price target on Facebook (NASDAQ: FB).
In the report, Piper Jaffray noted, “In our Fall 2013 Teen Survey, teens chose Twitter over Facebook as their self-selected most important social network. Twitter finished with 26% of the most important votes compared to Facebook and Instagram, which tied for second at 23% each. The data point is likely unsurprising as the trend in our survey has been moving toward Twitter over the past couple of years. Overall, regardless of the trend in teen preference toward other networks, we continue to believe that Facebook has additional avenues for monetization in Instagram and video in the coming months. As a result, we continue to believe ARPU can rise. We reiterate our Overweight rating and $57 target.”
Facebook closed on Tuesday at $50.52.
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