History Says Buy the Dip in Facebook (FB) - Deutsche Bank
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Deutsche Bank maintained a Buy rating on Facebook (NASDAQ: FB) but lowered its price target to $150.00 (from $170.00). Shares declined following Q3 results, but analyst Ross Sandler noted that history suggests buying the dip.
"FB reported revenue/EPS that were 0.6%/10% above our estimates, and tad below buyside expectations. Stepping back from the metrics, the continued battering of cautious commentary on 2017 is understandable given FB’s history, but these down-drafts are usually good buying opportunities, and FB’s forward P/E has already imploded. Our extensive checks haven’t pointed to any “meaningful” deceleration expected next year, but the lack of Messenger/WhatsApp revenue could create a small air-pocket in 2017. We’ve reduced our estimates modestly," said Sandler.
Shares of Facebook closed at $127.17 yesterday.
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