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Facebook's Got Mobile Strength

One concern that Wall Street has is the company's spending plans. Overall spending in the quarter rose 60% from last year to $1.08 billion, but the company is aggressively investing in its future. Products including Graph Search, Home and others cost time and money, and those should help fuel further growth.

"We remain bullish on several new ad products, and note engagement and user trends were at highest levels ever, addressing a chief concern," Jefferies noted in a research report. The investment bank raised its price target to $31 from $30 on the social networking giant.

If there ever was a doubt about Facebook and it's ability to make significant money from mobile, those qualms should continue to ease.

"This was a quarter that cemented the bull thesis, though not strong enough to shake the bears," Sterne Agee analyst Arvind Bhatia penned in a note. He rates shares "buy" with a $37 price target.

Facebook's future is in its mobile offerings. The company is now delivering on its promise to make mobile revenue the driver of the company in both the present as well as the future. Mobile is not just a strategy at Facebook now, it's THE strategy, and that's something investors can "like."

-- Written by Chris Ciaccia in New York

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