WALL STREET: Sterne Agee’s Arvind Bhatia Bullish On Instagram Advertising

The announcement by Instagram Thursday that it would begin incorporating advertising into its feed prompted Sterne Agee Analyst Arvind Bhatia to raise his target price for shares of Instagram parent Facebook to $58 apiece from $50.

The announcement by Instagram Thursday that it would begin incorporating advertising into its feed prompted Sterne Agee Analyst Arvind Bhatia to raise his target price for shares of Instagram parent Facebook to $58 apiece from $50.

Bhatia also raised his estimates for the following:

  • Fiscal-year 2014 revenue: $9.5 billion, from $9.1 billion.
  • FY 2014 EBITDA (earnings before interest, taxes, debt, and amortization): $5.3 billion, from $5.1 billion.
  • FY 2014 earnings per share: $1.04, from $0.99.
  • FY 2015 revenue: $12.2
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