Shares of Facebook Inc (NASDAQ:FB) dipped 3% today in spite of the company delivering strong results for the second fiscal quarter that were ahead of the Street's expectations in terms of both earnings and revenue.
While Facebook (NASDAQ:FB) is worth more than $270 billion today, its business is still a fairly new breed. Founded in 2004, the company quickly grew to become one of the world's first major online social networks.
Facebook Inc. (NASDAQ:FB) continues to post impressive mobile ad revenues. Therefore, Jefferies reaffirmed a Buy rating on the social media giant's stock, and raised its target price (TP) from $105 to $120.
Facebook Inc (NASDAQ:FB) revealed its numbers for the three months through June on Wednesday and Wall Street was confused. A slew of upgrades followed the firm's numbers, but stock fell by more than 5 percent right after the numbers were revealed.