Facebook Stock Price Climbs On Analyst’s Upgrade

MENLO PARK (CBS/AP) — Facebook’s stock was climbing after an upgrade from an analyst who believes Wall Street was underestimating the company’s potential to grow revenue.

Bernstein Research analyst Carlos Kirjner said Monday that Facebook Inc. was 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 was up $1.85, or 7.7 percent, at $25.84. It’s still down 32 percent from its initial public offering price of $38.

(Copyright 2012 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS San Francisco

Get The New CBS SF Bay Area Local App
Got Our Weather App?

Listen Live