Meta Platforms Inc (META)

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Facebook shares were poised to close above $50 on Thursday for the first time, as analysts pointed to the social network’s online ad momentum, especially in mobile.

“Our conversations on the conference floor suggest continuing momentum for Facebook, but also significant runway left.” Goldman Sachs analyst Heather Bellini, who raised her price target to $58 from $52, told clients in a note.

That runway is being defined by the steady growth online advertising, particularly in mobile, where Facebook has displayed impressive growth over the past year. Analysts also cite the promise of Facebook’s Instagram and of online video ads in general.

“Facebook is laying the foundation for a new video ad product, which we believe could be its next billion-dollar business,” Jefferies analyst Brian Pitz told clients in a note. He raised his price target for Facebook even higher, from $37 to $60.

Bellini of Goldman Sachs noted positive feedback from advertisers and marketers, saying “early adopters of Facebook advertising” pointed to “ongoing success around in-feed ads and custom audiences as well as growing budgets.”

“Those relatively newer to Facebook indicated growing interest and experimentation driven by the scale of Facebook’s reach as well as its targeting options,” she wrote.