UPDATE: BTIG Research Upgrades Facebook on Positive Outlook

In a report published Wednesday, BTIG Research analyst Richard Greenfield upgraded the rating on

from Neutral to Buy, and named a $68.00 price target. In the report, BTIG Research noted, “We are upgrading Facebook to BUY from Neutral. Our upgrade is based on the view that Facebook mobile advertising has gotten notably better and that consumers, at least for now, do not appear to be reducing their usage based on the heavy ad-load. Furthermore, we believe that Instagram is an asset that may redefine what advertising means, particularly on mobile devices.” Facebook closed on Tuesday at $49.40.