Facebook Inc’s shares were set to open about 25 percent higher on Wednesday after its quarterly results showed a surprising jump in revenue from mobile advertising, easing concerns that the company was having trouble capitalizing on soaring use of smartphones and tablets.
Several brokerages raised their price targets on Facebook shares, which have plunged since the company went public on May 18. Barclays Capital raised its target to $26 from $23, while Jefferies & Co raised its to $32 from $30.
Facebook shares, priced at $38 in their initial public offering, closed at $19.50 on the Nasdaq on Tuesday.
