Facebook Stock Target Raised To $97

The price target on Facebook's stock was increased to $97 from $94 at JMP Securities Monday, with the brokerage citing optimism leading up to the social network's annual developer conference next week in San Francisco. The brokerage also reiterated its market outperform rating and increased its 2015 revenue target to $16.9 billion, saying Facebook is well positioned to take a greater share of the overall advertising market. Shares of Facebook increased 0.3% to $84.03 in premarket trade. They have risen 4% over the last three months, compared with just 1.2% for the broader S&P 500. JMP Securities said it expects Facebook to provide a number of product updates at the developer conference, F8, including additional updates to its ad products.