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Facebook Price Target Raised to $33 By Needham
By Polya Lesova
NEW YORK (MarketWatch) -- Analysts at Needham & Co. raised their target price for Facebook Inc.'s FB +0.34% stock from $25 to $33, which is 27% above current trading levels. In a research note Monday, the analysts also hiked their 2013 revenue estimate to $6.5 billion from $6.27 billion and their earnings-per-share estimate to 65 cents a share from 59 cents. They cited expectations for strong mobile revenue growth as well as the upside that comes from Facebook's global platform. "We are confident that each time Facebook discovers a successful new monetization format, Facebook can roll it out globally almost immediately and at a low incremental cost," the Needham analysts wrote. "It will be hard to catch this stock on the way up. In our view, buying it now would enable investors to participate in the potentially significant incremental returns on capital of this 'closed-system' global platform."