Sterne Agee Reiterates Buy Rating, $37 PT on Facebook

In a report published Monday, Sterne Agee reiterated its Buy rating and $37.00 price target on Facebook FB. Sterne Agee noted, “We believe FB will likely post strong 4Q results, including 75%+ mobile revenue growth sequentially. We continue to believe FB should be a core holding in Internet portfolios. We believe FB is well positioned to benefit from two secular trends in advertising--the shift from off-line to on-line advertising and the increasing importance of a ‘Social' context in on-line advertising. Last week's better-than-expected results from Google also bode well for FB. Reiterating Buy and $37 target.” Facebook closed on Friday at $31.54.