Story updated at 9:40 a.m. to reflect market activity.
Shares of Facebook gained 0.5% to $69.14 in morning trading.
Analyst Anthony DiClemente also raised estimates for the social network company through 2015. The increase is due a shift towards mobile ads.
"Investors have asked if forward price increases at FB will be driven more by mix shift or by price per core ad growth; we believe the answer is both," DiClemente wrote. " Further runway exists for mix shift to mobile in terms of both revenue and ad impressions. We separately believe there is pricing power inherent to News Feed ads, driven by characteristics unique to them: reach, targetability, standardization, and as of yesterday, video. We are raising our estimates for blended pricing upside, raising ad estimates, and increasing our target price to $84 from $78, keeping our target 22x 2015E EV/EBITDA multiple constant."
Must read: Warren Buffett's 10 Favorite Stocks
Separately, TheStreet Ratings team rates FACEBOOK INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."