FB: Evercore lifts Facebook PT, forecasts 29% 5-year ad revenue CAGR

Evercore lifts Facebook PT, forecasts 29% 5-year ad revenue CAGR • 11:11 AM

• Analyst Ken Sena is raising his PT to $45 from $34. He argues the fruits of Facebook's (FB +1.5%) recent ad improvements only began around the middle of Q2, and stand to have a bigger impact on upcoming results.
• Among the improvements: Facebook's efforts to simplify ad formats, to build custom ad audiences with the help of non-Facebook data, to enable larger news feed ads, to bring the FBX display ad exchange to mobile, and to integrate the Atlas ad server/tracking platform (recently acquired from Microsoft).
• Sena is raising his Q3 and 2014 revenue estimates soundly above consensus, and now expects Facebook to post a 29% 5-year ad revenue CAGR (up from a prior 20%).
• Ramond James and Topeka issued bullish notes on Friday.

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