Business

Market Movers

Analyst says he likes Facebook

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.

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.

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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.

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