Facebook (FB) PT Raised to $303 at Goldman Sachs on as Digital Shift Accelerates

Goldman Sachs analyst Heather Bellini raised the price target on Facebook (NASDAQ: FB) to $303.00 (from $265.00) after the comany reported revenue 8% above FactSet consensus and EPS $0.41 above. Total ad revenue of $18.3bn beat FactSet consensus of $16.9bn resulting in a ~$1,374mn beat versus last quarter’s ~$266mn beat.

The analyst reiterated the a Buy rating, stating "We reiterate our Buy rating and raise our 12-month price target to $303 ($265 prior) as we see Facebook benefiting from what is likely to be an even faster shift to digital in the years ahead. At ~$250 in the after-market, Facebook is trading at 32x and 25x our CY20E and CY21E EPS of $7.84 and $10.08 (prior $6.71 and $8.83)".

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