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Facebook higher following bullish analyst notes

Aug. 16, 2013 2:36 PM ETMeta Platforms, Inc. (META) StockMETABy: Eric Jhonsa, SA News Editor
  • After giving back a sliver of its giant post-earnings gains in recent days, Facebook (FB +2.4%) is rallying with the help of upbeat notes from Raymond James and Topeka.
  • RJ's Aaron Kessler (Strong Buy) says talks with marketing developers indicate "the outlook for Facebook advertising demand remains positive" thanks to the company's mobile positioning, growing direct advertiser support, international sales, and "increasing traction" with consumer goods/automotive advertisers. Ad demand is said to be flat Q/Q due to seasonality.
  • Topeka's Victor Anthony (Buy, PT raised to $47 from $40) says checks point to rising news feed ad clicks and prices in Q3 relative to Q2, even as ad loads stay flat. He also thinks Instagram and video ads (not factored into his estimates) could add $3-$5/share in value.
  • Also: Facebook is replacing two credit facilities worth a combined $6.5B with a new 5-year facility worth the same amount, and sporting an interest rate of LIBOR + 1%. With the company holding $10.3B in cash/investments at the end of Q2 and only $1.5B in debt, it has no need to tap the facility unless it plots a huge acquisition.

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