NEW YORK (TheStreet) -- Shares of Facebook (FB) were rising, up 0.71% to $95.64 in early market trading Monday, after analysts at BTIG raised their price target on the social media giant this morning.
The firm issued a higher price target of $117 from a "stale" price target of $80 which was issued in July of last year.
BTIG analysts reiterated their "buy" rating on the social network's stock.
The firm believes Facebook can exceed consensus estimates, citing higher confidence in the company's video advertising opportunity.
Analysts also noted Instagram's monetization opportunity as well as the platform potential of WhatsApp and Messenger.
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:
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Shares of Facebook took off this week, up over 7%, in sympathy with Google's ( GOOGL) stellar results.
Earlier in the week, J.P. Morgan reported that channel data suggest continued strong engagement in the second quarter as a whole, as FB's share of mobile internet time, excluding Instagram and WhatsApp, was 24% in June, and its share of total U.S. Internet time, including desktop, was 20%.
Heading into earnings, we expect near-term growth to be driven by further improvements in News Feed targeting and relevancy, driving higher click through rates (CTR) and conversion, and ultimately yielding higher prices. We raise our target to $100 from $90 on incremental confidence.
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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 multiple 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, good cash flow from operations, expanding profit margins 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