Facebook stock climbs after upgradeAssociated Press
NEW YORK—Facebook’s stock is climbing after an upgrade from an analyst who believes Wall Street is underestimating the company’s potential to grow revenue.
Bernstein Research analyst Carlos Kirjner said Monday that Facebook Inc. is likely to beat Wall Street’s revenue expectations over the next 12 to 24 months. He expects Facebook to hit $6.98 billion in revenue in 2013, some 9 percent higher than the average analyst’s expectation. In 2011, the social network reported revenue of $3.71 billion.
Kirjner upgraded Facebook’s stock to “Outperform” from “Market Perform,” saying that mobile advertising will drive revenue growth.
Facebook’s stock is up $1.85, or 7.7 percent, at $25.84. It’s still down 32 percent from its initial public offering price of $38.
Recent Stories:SC: Privacy laws do not apply on Facebook photos freely uploaded by Internet users 56 mins elapsed US move to protect Pemberton to weaken Filipinos’ trust in VFA, Edca—Arroyo 1 hour elapsed Family drops cremation plan for Jennifer Laude 1 hour elapsed Filipinos have worst health habits in Asia, says study 1 hour elapsed DOT to release new star ratings of PH hotels, resorts 1 hour elapsed Won’t tolerate Binay camp’s lies, says Trillanes 2 hours elapsed UPLB provides shuttle service, sets ‘curfew’ after rape incident 2 hours elapsed Heartbroken Chinese woman drowns sorrow eating at KFC 3 hours elapsed