In a note released Wednesday morning, Stifel resumed coverage of Facebook FB with a Buy rating and a $95 price target.
The firm commented, "After paving the way to mobile monetization and demonstrating ad efficacy in 2013, we believe 2014 should see the company get significant share of budget from advertisers."
The firm added, "Facebook has a number nascent initiatives with the potential to contribute meaningful growth . In particular, we highlight continued improvements in targeting, increased uptake of Facebook exchange, Instagram monetization, the introduction of a third-party mobile ad network, and video ads on Facebook as a source of future upside."
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