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Facebook to rise 20% on booming app economy: Citi

Chris Ratcliffe | Bloomberg | Getty Images

Citi Research says Facebook shares will surge due to the social network's dominance of the increasingly robust mobile-app advertising market.

"The app economy appears to be healthier than many investors believe. As the largest platform for app marketing, we believe Facebook has been and will continue to be the primary beneficiary of marketing spend by app developers as they look to drive new app installs and to reengage with existing app users," Citi's Mark May wrote in a note to clients Thursday.

"With app revenue growth still quite healthy and the outlook still strong, we believe app developers continue to spend aggressively to market and promote their apps."