UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Facebook Following Another Upside Quarter

In a report published Thursday, Bank of America analyst Justin Post reiterated a Buy rating on

, and raised the price target from $82.00 to $84.00. In the report, Bank of America noted, “Revenue upside at $2.50bn vs. Street at $2.36bn, with EPS at $0.34 was well above Street at $0.24. Ad revenue growth accelerated to 82% (vs. 76% in 4Q) on a 200bps tougher comp, driven by a 118% increase in ad pricing (consistent with advertiser checks). Non-GAAP op. margins were 55% vs. 52% expected. Mobile ad revenue at $1.34bn exceeded our $1.21bn, and PC revenue also beat, up 8% y/y. FB did highlight tougher comps in 2014 and that revenue growth would decelerate, which may deter some new buyers (and the CFO is departing), but overall a clean quarter.” Facebook closed on Wednesday at $61.36.