Sterne Agee Ups Price Target For Facebook Shares

Facebook got some good news on Wall Street Tuesday, as Sterne Agee boosted its share-price target for the social network to $32 from $26 and maintained its buy rating on the stock.

Analyst Arvind Bhatia said in a note to clients, as reported by MarketWatch:

We continue to believe Facebook’s market opportunity remains quite large. With improved visibility on the company’s mobile transactions, the majority of the lock-up expirations now behind us, and the potential opportunity from new products, we remain positive on Facebook shares.

Facebook closed trading Tuesday at $26.15 per share after going public at $38 May 18.

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