NEW YORK (TheStreet) -- Shares of Facebook Inc  (FB) were rising, up 1.01% to $83.34 in early market trading Monday, after the social networking giant had its price target increased to $120 from $92 at Piper Jaffray this morning.

The firm maintained its "overweight" rating, saying Facebook is the best play on the "next computer paradigm of virtual reality."

Piper analysts added that the company's virtual reality technology Oculus is an insurance policy on the relevance of its social portfolio as technology shifts.

The firm believes the long-term value of the VR technology is not yet reflected in the current share price. 

In addition, Facebook's video advertising platform is gaining ground on Google's (GOOGL) YouTube, according to Reuters.

Ampere Analysis predicted in a recent study that Facebook and YouTube could start a new advertising "arms race," Reuters noted.

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:

We cannot overstate how big of an opportunity we believe Instagram presents.
As engagement and monthly active users (MAUs) continue to ramp, brands will likely increasingly adopt the platform, leading to material revenue growth going forward. Specifically, we believe Instagram could generate nearly $1.5 billion in revenue next year, which is 3x sell-side estimates for this year of $445 million.
Core to our bullish take on Instagram is the recent announcement that it plans to utilize Facebook's ads products infrastructure to manage ads on its service, which should improve targeting while also opening up Instagram's ad inventory to Facebook's 2 million-plus advertisers.
All in all, we see Instagram as just one of the many catalysts across Facebook, with Video, Messenger, WhatsApp and Oculus being the others. Our target remains $90.

- Jim Cramer and Jack Mohr, 'Weekly Roundup' originally published 6/19/2015 on ActionAlertsPLUS.com.

Want more information like this from Jim Cramer and Jack Mohr BEFORE your stock moves? Learn more about ActionAlertsPLUS.com now. 

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 a number of strengths, 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

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