Goldman Sachs Is Bullish On Facebook

Goldman Sachs added to the positive sentiment about Facebook on Wall Street, boosting its 12-month share-price target for the social network to $38 from $35.

According to MarketWatch, Goldman Sachs cited ads in Facebook’s news feed, as well as its new Gifts offering.

Goldman Sachs analysts wrote in a research note, as reported by MarketWatch, that Gifts could generate $20 million to $45 in payments revenue that is not currently included in their fourth-quarter estimates, which it projected as $1.49 billion in revenue and earnings per share of $0.14. The analysts also wrote:

We believe our estimate of $404 million in revenue from news feed ads may prove too conservative.

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