UPDATE: Pivotal Research Reiterates Buy Rating, Raises PT on Facebook on Model Updates Ahead of 4Q14 Earnings

In a report published Wednesday, Pivotal Research analyst Brian Wieser reiterated a Buy rating on Facebook FB, and raised the price target from $103.00 to $105.00. In the report, Pivotal Research noted, “Facebook remains our favorite name in the sector. Our YE2015 price target is $105, up from $103 previously. Facebook can point to a wide range of factors which will sustain growth through 2015 and beyond, as increasing share of spending from small businesses and large brands alike as well as ongoing improvement in focus on performance-based marketers will all help to sustain rapid growth. We continue to rate Facebook BUY.” Facebook closed on Tuesday at $76.45.