Facebook shares boosted by Citi target hike

Shares in social media giant Facebook are up 1.9 per cent in pre-market trading as Citi has raised its rating on the company's stock to buy.

Citi cited Facebook's recent success in monetising mobile usage of the network as reasons for the change, and now target a value of $55 (£34.41).

Facebook stock closed at $47.19 (£29.53) yesterday. Earlier today it was announced that Facebook will be accessible from a free-trade zone in Shanghai, despite access to the site being blocked in the rest of the China.