FB: Facebook higher, Goldman sees another strong quarter for mobile

Facebook higher, Goldman sees another strong quarter for mobile • 2:26 PM

• Goldman's Heather Bellini, a long-time Facebook (FB +1.1%) bull, thinks there could be upside to a Q3 mobile ad sales consensus of $791M, which represents 20% Q/Q growth relative to Q2's blowout figure of $656M (+75% Q/Q from Q1). Oddly enough, her own forecast is still at $729M.
• Bellini says Goldman's online ad contacts "again reported FB's ad products deliver the best performance outside of search," and the performance of the FBX exchange (display ads based on non-Facebook activity) especially stood out. A majority of contacts also reported major growth in mobile ad spend.
• Bellini's PC ad forecast is below consensus ($890M vs. $914M), but her Payments forecast is above ($220M vs. $209M). Ad prices are expected to grow 8% Y/Y, and impressions 38%.
• Facebook is making new post-IPO highs again. Bellini raised her PT to $58 from $52 in late September, following positive talks at the AdWeek 2013 conference.
• Q3 results are due on Oct. 30.

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