Needham & Co. Ups Target Price On Facebook Shares

Facebook got some good news on Wall Street Monday, as Needham & Co. hiked its target price for the stock to $33 per share from $25, MarketWatch reported.

Needham also said in a research note that it increased its 2013 revenue estimate for the social network to $6.5 billion from $6.27 billion, and its earnings-per-share estimate to $0.65 from $0.59, writing:

We are confident that each time Facebook discovers a successful new monetization format, Facebook can roll it out globally almost immediately and at a low incremental cost. It will be hard to catch this stock on the way up. In our view, buying it now would enable investors to participate in the potentially significant incremental returns on capital of this “closed-system” global platform.

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