Credit Suisse Raises Price Target On Facebook Following Better-Than-Expected Results

In a report published Thursday, Credit Suisse analyst Stephen Ju reiterated an Outperform rating on

, and raised the price target from $102.00 to $104.00. In the report, Credit Suisse noted, “Facebook reported better-than-expected results with revenue and Adj. EPS of $3.85b and $0.54 respectively vs. consensus $3.52b and $0.48. Our 1Q15 estimates for revenue, adj. EBITDA and adj. EPS are now $3.15b, $1.88b, and $0.33 respectively vs. prior $3.17b, $1.75b, and $0.29. For FY15, our estimates for revenue and adj. EBITDA are now $15.8b, $9.39b, and $1.68 vs. prior $15.9b, $8.8b, and $1.52 – change to our revenue estimate is due to Audience Network's accounting change from gross to net. Our price target increases to $104 vs prior $102 on higher-than-expected revenue and we maintain our OUTPERFORM rating.” Facebook closed on Wednesday at $76.24.