Cantor Fitzgerald Reiterates Buy Rating, $28 PT on Facebook

In a report published Monday, Cantor Fitzgerald reiterated its Buy rating and $28.00 price target on Facebook

. Cantor Fitzgerald noted, “Facebook seems to be winning the mobile war, with its mobile engagement growth far outpacing that of peers, according to October data from comScore. Importantly, combined smartphone/PC time spent metrics improved sequentially last month, even excluding tablets, likely the fastest growing platform. While many fear a rapid transition to mobile usage, where monetization is still nacent, we view increased mobile engagement as a key strength for Facebook and a longer-term differentiator. Combined with rapid innovation in newer mobile ad formats, growth in mobile offers enormous potential for Facebook over time, keeping us positive on the name.” Facebook closed on Friday at $23.56.