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:‘Usie/ussie’ has more social value than ‘selfie’ 25 mins elapsed So very Cory Aquino: A drawer of rosaries 57 mins elapsed US man sues soccer star Ronaldo over trademark 2 hours elapsed CIA apologizes for spying on US Senate 3 hours elapsed ‘A Cinemalaya film should still have a life after the fest’ 5 hours elapsed Gretchen Barreto keeps mum on Julia 5 hours elapsed Gary Valenciano’s birthday show a family affair 5 hours elapsed No longer in hiding, TNT finds way home 5 hours elapsed