Facebook rallies on Stifel PT hike

|About: Facebook (FB)|By:, SA News Editor

Stifel's Jordan Rohan has upped his Facebook (FB +3.5%) PT to $82 from $72, while reiterating a Buy. Shares are close to their all-time high of $71.44.

Rohan is upbeat about Facebook's ability to continue growing its ad spend share, and says checks suggest "marketers view Facebook as a strategic communications platform, capable of establishing and reinforcing relationships with consumers."

At the same time, he admits to finding the $19B valuation Facebook assigned to WhatsApp "perplexing."

Rohan upgraded Facebook to Buy last June, six weeks before the company's blowout Q2 report. His PT at the time was $29.