Facebook shares back up to $28; company to report Q4 earnings Jan. 30


By Brittany Darwell Comment

Facebook shares are up 5 percent today, closing at $28 on the first day of trading in 2013. The company also set the date for its 2012 fourth quarter earnings call: Jan. 30 at 2 p.m.

Today’s share price is as high as it has been since Dec. 13. This is only the third time Facebook has reached or exceeded $28 a share since late July.

The surge today is likely related to a number of analysts’ upgrades. Bank of America Merrill Lynch released a report predicting that Facebook’s mobile ad revenue will surpass its desktop revenues in 2014. BAML analysts expect Facebook to report 37 percent growth when it releases results for Q4.

BMO Financial Group upgraded Facebook stock from “underperform” to “outperform” and upped its price target from $15 to $32. J.P. Morgan Securities increased its price target to $35 from $29.

Facebook reported $1.262 billion in revenue for the third quarter of 2012 — a 32 percent increase year over year. On Jan. 30, we’ll get a look at how Facebook’s advertising business fared during the holiday season and an idea of how Facebook Gifts may be contributing to revenue growth in the U.S.

Related article: How Facebook’s latest monetization efforts may take shape in 2013