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Citibank raised its price target on Facebook Inc.'s FB,
-0.08% stock to $97 from $91 at Citibank on Thursday. Shares of the social
network were up 0.6% to $82.19 in premarket trade. They are up 30.2% over the
last 12 months, outperforming a 9% improvement for the broader S&P 500.
In a note to investors, Citi analyst Mark May reiterated his
confidence in the sustainability of Facebook's ad revenue growth, saying
products like video ads and e-commerce and payments have the potential to drive
more upside than some analyst models are currently predicting.
The analyst also raised his estimates for Facbook's ad revenue
in 2016 and beyond, despite increased FX headwinds.
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