Facebook’s facebook gains 4.66% stock has more than quintupled since its low of $17.73 in September of that year, and on Thursday, it set a fresh intraday high of $110.65 as its market capitalization jumped $15 billion on Thursday. The move catapulted Facebook’s valuation back above Amazon.com Inc.2.2% making it the sixth most valuable company in the U.S. after Apple Inc. -0.46 Alphabet Inc. google 0.71 Microsoft Corp. -0.04% ExxonMobil Corp.-1.36% and Berkshire Hathaway -0.69%
On Wednesday, Facebook reported record revenue for the third quarter, and a monthly active user base of 1.55 billion, which is higher than the populations of the U.S. and Europe combined. Daily active users topped 1 billion for the first time.
Facebook’s $4.5 billion revenue and improvements in engagement were met with sharp price-target increases Thursday morning, pushing the average 12-month price target on the stock among 40 analysts to $122.73, according to FactSet.
More than two dozen of those analysts raised their price targets on the stock, with the most bullish target coming from Piper Jaffray, which raised its target to $155 from $146. Wells Fargo lifted its valuation range on the stock to $135 to $140 from a previous $115-$120 range.
Other increases came from Barclays, to $140 from $105; Credit Suisse, to $135 from $115; RBC Capital, to $130 from $105; Susquehanna, to $130 from $125; Financial Group; J.P. Morgan, to $125 from $118; and Deutsche Bank, to $125 from $115.
“Can’t stop me now,” Barclays analyst Paul Vogel titled his note on Facebook.
“Remarkable execution,” said Macquarie Research analyst Ben Schachter, who in a note to clients raised his target on the stock to $120 from $106.
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