Most analysts on the street are bullish on Facebook FB, but a new SunTrust note says that the bullish sentiment will not stop the stock from moving to a $90 price target, a 21 percent increase over current prices.
Part of the upside, according to Analyst Bob Peck: Facebook is still crushing mobile. SunTrust sees 24 percent growth in mobile revenues, bringing that to $2.42 billion – or 64 percent of its projected overall revenue. SunTrust also sees spending guidance a positive carry-over from the Q3 call.
Other positives are the fact that Instagram’s user base grew past 300 million and Facebook’s video platform receives more than 3 billion views daily. SunTrust is guiding to EPS of $0.48 on revenues of $3.77 billion.
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