NEW YORK (TheStreet) -- Facebook (FB) shares are up 4.7% to $60.92 in trading Wednesday.
The bump follows analysts reports anticipating better than expected ad revenue ahead of the company's expected fiscal 2014 first quarter earnings release on April 23.
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SunTrust (STI) analysts reiterated a buy rating for the company while maintaining a $70 price target for the shares.
"We recommend investors add to positions ahead of the report and take advantage of the recent ~20% pullback," said the SunTrust report.
Meanwhile, Susquehanna Bancshares (SUSQ) analysts decreased the company's price target to $69 from $72 but maintained a positive rating for the social media company.
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 stock itself is trading at a premium valuation."