Shares of Facebook Inc. (NASDAQ:FB) are climbing after the Re/code website reported that the company plans to launch a new mobile ad network later this month. According to sources, Facebook will introduce its plans for its mobile ad network at its “F8″ developer conference at the end of the month.
Meanwhile, JMP Securities analyst Ronald Josey raised his Q1 estimates for the stock in a note to investors earlier today. After speaking with agencies and marketers, Josey now believes that the company’s ad revenue reached $2.15B last quarter, a 73% increase versus the same period a year earlier. The company’s investments are causing advertisers to buy more ads on the website, the analyst wrote.
Analysts have a consensus price target of $71.92 on Facebook Inc. (NASDAQ:FB) which indicates a 22% upside. The consensus rating of the stock is a BUY with a score of 2.82. There are currently 9 Hold Ratings and 29 Buy ratings on the stock.
The most recent analyst action consisted of Telsey Advisory Group setting their price target to $82 on April 16th, 2014.
Facebook last reported earnings on January 29th and beat the consensus EPS estimate by $.04. They reported actual revenue of $2.59 billion against the $2.35 estimate.
Suggested Reading: Best Summer Jobs for College Students
