Social media shares rally after Credit Suisse upgrades Facebook

Shares of social media companies rallied on Tuesday after Credit Suisse raised its expectations for Facebook long-term average revenue per user (ARPU), saying upcoming products would raise growth in that key metric.   The firm upgraded the stock to “outperform” from “neutral” and raised its price target to $87 from $65.   Credit Suisse didn’t give a new outlook for Facebook’s ARPU, writing in a note to clients that its expectations for higher growth were to “layer in monetization from the company’s upcoming product releases.” Earlier this month, the Financial Times reported that Facebook was preparing to provide mobile payment services.   Shares of Facebook rose 2.9 percent to $63.05. Among other social networking names, Twitter rose 1.5 percent to $46.84, LinkedIn was up 1.8 percent at $180.16 and Yelp rose 1.1 percent to $67.76.   The Global X Social Media Index ETF rose 1.4 percent.   Reuters