December 23, 2013, CNBC
Facebook Inc. shares hit a new all-time high Monday as investors found some holiday cheer in the company’s gains in mobile advertising.
The social media giant faced some earlier skepticism over its ability to sell ads as traffic shifted to smartphones from desktop computers. But Facebook has proven the skeptics wrong as its mobile advertising has soared, boosting its revenue to the delight of investors.
Cantor Fitzgerald analyst Youssef Squali said Monday that ad intensity has increased through the all-important holiday period. He said bigger brands and higher-priced video ads are benefiting the company. In turn, the analyst raised his price target on the stock to $65 from $63 and reiterated a "Buy" rating.
Facebook’s stock has more than doubled in value so far this year. And its shares were up more than 4 percent to $57.78 Monday. They hit a record high of $58.32 earlier in the day.