NEW YORK (TheStreet) -- Shares of Facebook (FB) are slightly down 0.09% to $78.33 in pre-market trading Friday, after the social media giant had its price target raised to $91 from $86 by analysts at Citigroup this morning.
Analysts at the firm maintained its "buy" rating, on the heels of Facebook-owned Instagram's announcement that it reached more than 300 million users.
Citigroup upped its valuation of photo-sharing service Instagram to $35 billion from its previous estimate of $19 billion, citing faster audience growth and continued monetization gains by social media properties.
Analysts at the firm noted, "We expect that 2015 will mark the first year that Facebook begins to develop more meaningful off-Facebook revenue streams."
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."