Facebook shares climbed on Friday, after Credit Suisse analyst Stephen Ju raised his price target on the social media giant’s shares.
Ju hiked his price target to $480 from $400, while maintaining his outperform rating.
“As Facebook (and the broader online ad industry) continues to benefit from budget recovery for the second quarter, our focus shifts back to offense and product development,” Ju wrote in a commentary.
“At the time of its last disclosure (the third quarter of 2020), the core Facebook app had 200 million business profiles and 10 million advertisers, while Instagram had 4 million advertisers,” Ju wrote.
“From a near-term tactical perspective, our conversations with advertisers continue to suggest ad budget recovery across most sectors.”