NEW YORK (TheStreet) -- Shares of Facebook Inc (FB) were climbing, up 0.6% to $82.93 in mid-morning trading Thursday, after analysts at Evercore ISI boosted their price objective on shares of the social media giant earlier today.
The firm raised its price target to $105 from $95 to reflect the social network's instant articles initiative.
Evercore believes the revenue impact from the initiative could be more than a billion dollars over several years.
The firm maintained its "buy" rating on Facebook.
Menlo Park, Calif.-based Facebook is a social networking website company, with its applications enabling customers to stay connected with their friends and family.
Insight from TheStreet's Research Team:
Facebook is a core holding of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. During the most recent weekly roundup, this is what Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:
Facebook ( FB:Nasdaq; $79.19; 1,300 shares; 3.97%; Sector: Technology): We believe Facebook is in the early stages of monetizing its base of 1.4 billion users, with strong franchises in Instagram, Messenger, & WhatsApp helping to enhance its ecosystem.
Third-party data suggests continued strong engagement as Facebook's share of mobile Internet time, excluding Instagram and WhatsApp, was 24% in April, and its share of total U.S. Internet time, including desktop, was 19%. Our target is $90.
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Separately, TheStreet Ratings team rates FACEBOOK INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate FACEBOOK INC (FB) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. 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, expanding profit margins, good cash flow from operations and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."
You can view the full analysis from the report here: FB Ratings Report