UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Facebook on Updated Estimates, 3Q13 Earnings Preview

In a report published Monday, Credit Suisse analyst Stephen Ju reiterated a Neutral rating on

, and raised the price target from $36.00 to $61.00. In the report, Credit Suisse noted, “We update our FB estimates and preview the 3Q13 earnings report. We have raised our DCF-derived target price to $61 (vs prior $36) as we roll forward our valuation parameters to end-of-2014. We have updated our model and raised our top and bottom line estimates following channel checks as well as refinements to credit the company with incremental mobile monetization. While we maintain our positive bias on FB with the company set to capitalize on the continued movement of brand advertising budgets online, with shares already reflecting what we believe are near-to-medium term benefits of both mobile monetization as well as FBX, we maintain our Neutral rating for now.” Facebook closed on Friday at $51.96.