Facebook surged after an upgrade to “outperform” by Bernstein Research’s Carlos Kirjner, who says that Wall Street is underestimating Facebook’s potential. Revenue is apt to hit $6.98 billion in 2013, or 9 percent higher than the average estimate, driven by growth in mobile advertising, he said. In 2011, the social network’s revenue was $3.71 billion.
Market Movers
Analyst says he likes Facebook
Shannon Stapleton/Reuters/File 2012
Facebook’s stock is still down 32 percent from its initial public offering price of $38. Above, chief executive Mark Zuckerberg on the stock’s debut day in May.