Facebook (FB): Raising Estimates Ahead Of Earnings - Nomura
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Nomura Securities analyst, Anthony DiClemente, reiterated his Buy rating on shares of Facebook (NASDAQ: FB) but slightly raised his 3Q estimates ahead of Facebook’s earnings report on Wednesday, November 2nd.
The higher estimates are driven by checks with ad buyers where demand and spend levels continue to grow. Sustained growth in Facebook’s number of advertisers, checks on Facebook app downloads and engagement trends, and the analyst's expectation that FX could provide an incremental ~300bps to reported revenue growth in 3Q16. This ad revenue growth estimate goes higher by 150bps to 57.9% YoY.
The analyst stated "we continue to anticipate modest YoY operating margin expansion to 54.7%. While our 3Q estimates imply a deceleration in growth rate from 2Q16, we are modestly ahead of Street consensus".
No change to the price target of $155.
Shares of Facebook closed at $127.88 yesterday.
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