Facebook poised to shoot 32% higher, says analyst

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

A strong performer on the stock exchange since its 2012 initial public offering (IPO), Facebook, Inc (NASDAQ: FB) is well positioned to do even better. That’s according to a new analysis of the stock from analyst Lloyd Walmsley at Deutsche Bank, who has raised the target price of the shares to a new “street high.”

Walmsley’s new level is $385, from the previous $355. The former is more than 32% above Facebook’s most recent closing price. He’s maintaining his buy recommendation on the stock.

The prognosticator believes that ad spending, a crucial source of revenue for the company, will see a rise. He also feels that worries…