Facebook got its first good news from Wall Street in 2013, as J.P. Morgan Analyst Doug Anmuth wrote in a research note that he was “incrementally positive” about the social network’s stock.

According to Forbes, Anmuth wrote:

(It is) very early in the trajectory of Facebook’s mobile advertising. Marketer feedback on mobile and news feed ads has been positive.

We believe Facebook played a bigger role in ecommerce this holiday season, and Walmart appeared to have significantly increased its ad spending on Facebook.

Anmuth also pointed to strong Facebook campaigns from Samsung Mobile USA and Pepsi, Forbes reported, and he elevated his ad revenue estimates for the social network by 6 percent to 7 percent from 2013 and 2014, as well as boosting his target price for the company’s shares to $35 apiece from $29.

In September, Anmuth slashed his year-end-2013 target price for Facebook shares by one-third, from $45 to $30, saying at the time that he expected revenue from games to slide.

Readers: How will Facebook fare on Wall Street in 2013?