Facebook (FB): CFO Comments Creates Buying Opportunity - Evercore
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Evercore ISI analyst, Ken Sena, reiterated his Buy rating on shares of Facebook (NASDAQ: FB) after Facebook reported a strong 3Q result with revenues and GAAP EBIT 1% and 12% ahead of Street consensus. However, CFO Wehner's remarks on upcoming comparison difficulty, meaningfully lower” anticipated ad load growth, and new commentary that 2017 will be a “significant investment year” sent shares down 7% after hours.
What the analyst thinks investors may have missed though is that the same “significant investment year” commentary was made in 4Q15 with respect to 2016, even if 2017’s commentary did come a quarter sooner and ahead of the annual Opex growth range typically provided in 4Q. The analyst views this dip as a buying opportunity.
No change to the price target of $165.
Shares of Facebook closed at $127.17 yesterday.
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