Cleveland Research Initiates Facebook, Slaps $100 PT On Shares

Shares of Facebook Inc (NASDAQ: FB) were trading higher on Tuesday. Kevin Rottinghaus of Cleveland Research initiated coverage of the company with a Buy rating and $100 price target.

According to Rottinghaus, Facebook has "significant runway" to gain market share within the digital advertising space, translating to a greater ability to increase ad pricing over the short and medium-term.

The analyst added that the company has many assets outside of its core Facebook that have yet to be fully monetized, including Instagram, WhatsApp and Atlas.

Shares of Facebook recently traded at $84.23, up 1.4 percent on the day. Shares are up more than 7 percent year-to-date.

The company is scheduled to post earnings on Wednesday.