Analysts at Needham & Co. have increased their price target for shares of Facebook Inc (FB) from $27 to $33 per share. They’ve also increased their earnings per share estimate for 2013 from 59 cents to 65 cents per share. Analysts cite strong revenue growth in the mobile arena.
Facebook Inc (NASDAQ:FB) shares are up more than 1.5 percent in morning trades after analysts at Needham & Co. increased their target price for the stock. According to MarketWatch, the increase took their target price to $33 per share from $25 per share. The new price is 27 percent higher than the stock’s current trades.
In today’s research note sent to MarketWatch, analysts also increased their revenue estimate for Facebook Inc (NASDAQ:FB)’s 2013 fiscal year from $6.27 billion to $6.5 billion and their earnings per share estimate from 59 cents per share to 65 cents per share.
In their report, analysts said they expect Facebook Inc (NASDAQ:FB) to experience strong revenue growth in the mobile arena. They also cited an upside from the social media giant’s global platform and said that they’re “confident” that every time the company begins a new way to monetize its services, it “can roll it out globally almost immediately” for a low cost. Needham analysts recommend that investors purchase the stock now in order to take advantage of the climb they expect.
Meanwhile Facebook Inc (NASDAQ:FB) hasn’t stopped adding features to its site, even as it monetizes its services. According to TechCrunch, the site has added a “drag to upload” feature for photos. The feature first appeared last week, and today a Facebook spokesperson confirmed that the feature was rolled out worldwide.
The feature enables Facebook users to drag photos from their computers and into the status update box. They can even upload a number of photos all at the same time without being forced to create a new album. This makes it easier and faster to upload photos, saving users some clicks and some time.