Facebook shares posted theeir biggest one-day gain on Wednesday since their market debut in May. A number of analysts upgraded their ratings on the shares, following Facebook’s third quarter earnings report.
A key driver for renewed optimism in Facebook shares is that $153m of its $1.26 billion revenues were derived from advertisers looking for smartphone advertising solutions.
Citi analyst Mark Mahaney was one of a number of analysts to upgrade his view on the stock, increasing his target price to $35 with a ‘buy’ rating.
Facebook’s 19 percent gain on Wednesday (closing at $23.23) equated to it’s biggest one-day gain since its market debut in mid-May.
However, the company remains nearly 40% adrift from its initial IPO price of $38 per share.
