Piper Jaffray Boosts Price Target for Facebook Inc Ahead of F8 Conference

Piper Jaffray analyst Gene Munster came out today with a research report on Facebook Inc (NASDAQ:FB), maintaining an Overweight rating on the stock, and raising the price target to $92 (from $84), which implies an upside of 10% from current levels. The increased price target comes ahead of the company's annual F8 developers conference slated for March 25th.

Munster noted, "The event, like Apple inc's (NASDAQ:AAPL) WWDC and Google Inc's (NASDAQ:GOOGL) I/O, will start with a keynote event where Facebook CEO Mark Zuckerberg will likely give company metric updates and announce new products. We expect the focus of the event to be broadly on improvements to News Feed/video, opening Messenger to third party developers, an evolution in the company's mobile adtech platform, and Oculus. We expect investors to generally react positively to the announcements and maintain our Overweight rating on shares." Furthermore, "Our price target increases as we increase our EBITDA multiple to 30x vs our prior 27x based on an overall increase of Internet group multiples."

According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Gene Munster has a total average return of 28.6% and a 70.3% success rate. Munster has a 51.6% average return when recommending FB, and is ranked #3 out of 3544 analysts.


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