UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Facebook as Market Share Trends Remain Positive

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

, and raised the price target from $88.00 to $91.00. In the report, Bank of America noted, “We continue to be constructive on Facebook's strong engagement (64% of users access daily), usage share gains, multi-app mobile position and monetization opportunity, and see several levers to help drive incremental revenue growth in 2015-2016. Also, we see Facebook's valuation as more attractive/defensible vs social peers at 31x 2016E EPS (~1x 2016E growth); and adjusting for a 23% long-term tax rate, we would get $2.90 in EPS and a 27x multiple. Our $91 PO ($88 earlier) is based on 32x our 2015E EPS, plus $10/share for combined cash and WhatsApp value.” Facebook closed on Friday at $78.45.