UPDATE: Evercore Raises PT on Facebook on Positive Outlook

In a report published Tuesday, Evercore analyst Ken Sena reiterated an Overweight rating on Facebook (NASDAQ: FB), and raised the price target from $45.00 to $60.00.

In the report, Evercore noted, “In this report, we explore FB's recently rolled out customizable audience tools and how data management provider partnerships, such as Acxiom and Datalogix, are beginning to ‘hash' offline CRM information against online user identities, creating additional pricing strength for FB and expanding FB's addressable opportunity deeper into the realm of offline commerce. Further, by factoring exceptionally strong pricing checks and the potential for Instagram monetization in 2014, we see substantial ARPU gains over the next several years.”

Facebook closed on Monday at $49.51.