Facebook Stock Upgraded As Ads Share Grows

Shares of Facebook Inc. rose 1% in premarket trade Thursday, following an upgrade to buy from hold at Argus Research. Argus analyst Joseph Bonner set a $115 price target on the stock, which implies a 22% increase from Wednesday's closing price. He pointed to the company's successful transition to mobile, the potential for increased advertising share and the upcoming launch of its Oculus virtual reality headset for the upgrade. Separately, Pivotal Research analyst Brian Wieser reiterated a buy rating and $127 target on Facebook, calling the company a "power-house of growth and operating efficiency." Shares of Facebook were on track to open around $94.96 on Thursday. They have risen nearly 5% over the last three months, outperforming the 5% decline for the S&P 500.